"In view of the voting positions established since the announcement of the EGM on the 5th June, we have come to the reluctant conclusion that it is in the best interests of the Company to stand down.
"We have had 10 interesting years at the Club and leave behind us the legacy of a modern stadium. We would like to thank everyone at the club for their hard work over this period and for those who have backed us with their votes over the last few weeks.
"The interests of the Company and the Club come first, hence our action today. We wish George Burley and the team good fortune in their hunt for promotion and George Prost another successful year with The Saints."
Matter of fact as ever and amusing that his tenure at the club is described as 'interesting'. That's certainly one word for it. Thanks should go to Lowe for his work over the years and for having the good grace to resign in the face of the inevitable, although it would have been nicer if it was several weeks ago.
The incoming directors have released their own statement:
'The new Directors note the announcement made today regarding the resignation of certain directors of the Company. Messrs Ken Dulieu, Jim Hone, Lee Hoos, Patrick Trant, Leon Crouch and Michael Wilde have been appointed to the board of the Company with immediate effect. Ken Dulieu has also been appointed Chairman of the board.
'The new Directors are delighted that this period of uncertainty is at an end and intend to set to work immediately in setting the direction for the future success of both the football and business aspects of the Club.
'Michael Wilde has also been appointed Chairman of Southampton Football Club Ltd, a subsidiary of the Company. Commenting, Michael Wilde, said:
"Clearly we have a great deal to do, particularly in the pre-season period. We have set out how we mean to manage this great Club in an open and accessible way.
“We will commence an immediate review of each aspect of the business and will be speaking urgently to George Burley to establish the resources he needs in both the short and medium term.
“This will be an exciting time for everyone involved with the Club. We look forward with immense anticipation to the challenges we face and to working with our new colleagues throughout the business.
“We would also like to thank fans and shareholders alike for the support they have shown us during a very testing time.”'
Interesting to note how Wilde thanks the fans, but Lowe does not. Clearly not much love lost on either side.
No doubt there will be many more revelations over the coming days and months over the final days of Lowe, but a weight has been lifted and we can now get on with the serious business of getting out of this league with a united club.