But I don't know if the parent company is anything other than a way around the rules. IE does the parent company actually own many business's completely separate to Southampton, or was it created in the hope it would insulate the club from debt as they can pretend its the other company with all the debt, I don't know the answer to that one. if its officially a proper company then I guess it comes down to why that company is in administration.
From Link
But a League investigation by "independent forensic accountants" found that the football club and SLH were "inextricably linked as one economic entity" and applied their mandatory penalty.
Does seem to have been put there as a safeguard rather than a seperate company.
Dunno, its a difficult situation really, in all likelyhood if the club is losing money and thats largely the reason for the parent company being in administration then it makes no difference.
"The holding company is solvent in its own right. It only becomes insolvent when account is taken of the position of Southampton football club and the other group companies."