Southampton legend Dave Merrington has launched a scathing assessment of the club after relegation.
The Saints spent a lot of money during the first year of Sport Republic's ownership, but have nothing to show for that spending.
Now they are in the Championship and may have to cull their squad to ensure they are financially stable.
Speaking to BBC Radio Solent, the former Saints manager stated: “I'm extremely disappointed, very sad that the club has been relegated. A gut-wrenching feeling.
“I think you look at the season, it's been disastrous really with chaos on and off the field underpinned by instability throughout the club with major changes in senior staff since Sport Republic bought the club January last year.
“Going back over the history, when things were going well I don't think that we've shown enough vision or boldness to take the club to another level and develop it into a larger club. They've been content to sit on their laurels and become a feeder club for bigger clubs - and it frustrates the fans. It's not been about the supporters, it's been about making money.
“Let's look at the practicalities of the team structure over the season: poor defensively, a lack of patterns of play in possession of the ball. And for me, one of the big things is there's no fear going to St Mary's now and that was one of the things that even when I played, I never liked coming down to Southampton because it was always a difficult place to come to.
“This season I don't think anyone's been afraid. Because we've lost our identity as a difficult and aggressive side to play against. And having spent in the region of £140m on players, I haven't seen the tactical coaching ability or the team selection to get the best formation to suit the players collectively or individually.
“If Martin Semmens leaves, I thought he was a good guy and quite astute at running the football club, I don't know what's happened with him, if he's been moved sideways, who's choosing the players, I really don't know. But when you spend £140m, don't you think the fans will be thinking, we should have a decent side here?"
