The consortium of businessmen hoping to buy Southampton has held talks with Kevin Keegan about taking on a role with the League One club, according to reports on Sky Sports.

Pinnacle Property Consultants has until tomorrow to complete a deal to save the debt-ridden club from collapse, having paid nearly £500,000 to guarantee exclusive takeover talks last month.

Fronted by Le Tissier, one of the club's best-loved former players, the group is thought to have found the money to complete the buyout and is interested in employing Keegan in a key role.

A pundit with Sky Sports, Le Tissier was photographed by a local newspaper in a meeting with Keegan and Leon Crouch, the club's former chairman who is also part of the consortium.

Keegan played for Southampton between 1980 and 1982 and remains popular with the club's fans, having inspired them to their then-highest league finish and having won the PFA Player of the Year award during his time there. He resigned as Newcastle manager in September, nine months into his second stint in charge of the club.

Relegated to League One last season, Southampton were docked ten points by the Football League in April because their parent company went into administration with more than £30 million of debt. That penalty will take affect in the next campaign.

Pinnacle Property Consultants, which has ties to Aviva, the parent company’s biggest creditor, was given 21 days to secure a takeover deal. That period ends tomorrow.

Southampton owe £23.7m to Norwich Union for loans taken out to fund the construction of St Mary’s, the club's stadium, £4m to Barclays bank, £2m to the Inland Revenue, plus an estimated £2m to agents and other parties.