Southampton deny seeking fee from Arsenal's Walcott

Southampton have reacted quickly to quash suggestions that Arsenal have been approached over an early cash settlement in the Theo Walcott deal.

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Walcott joined The Gunners in January 2006 for an initial fee of £5million, which could rise to £12million.

One report this week claimed that Saints had exceeded their overdraft limit with Barclays and had been forced to speak with Arsenal in order to steer clear of administration.

However, chairman Leon Crouch has denied that Southampton would be willing to forego a 'sizeable proportion' of the remaining balance on the Walcott transfer for a quick cash injection.

Crouch told the club's official website: "There is a lot we would like to say in response to this story but unfortunately we have been placed in an offer period by the Stock Exchange who insist that we remain in it and whose rules therefore prevent us from talking about financial matters.

"What we can say is that Barclays continue to be supportive and we have a positive relationship with them.

"Like all clubs we have an overdraft facility but we have certainly not exceeded our limit despite this kind of scaremongering which has many inaccuracies and which does the club no good at all."

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