Hodgson's team included players such as Matt Le Tissier, Ledley King and former Germany and Arsenal goalkeeper Jens Lehmann.

BBC: FA Legends team beat Army in Madejski Stadium fundraiser

The Football League ruled that Pinnacle - which includes ex-Saints player Matt Le Tissier - must waive any right to appeal against the points deduction.

BBC: Pinnacle pulls out of Saints bid

Saints had faced a race against time to find a new buyer after front-runners the Pinnacle group, which included Saints legend Matt Le Tissier, pulled out on Tuesday.

BBC: Southampton & Wotte part company