Former Southampton chairmen Rupert Lowe and Michael Wilde have requested the Saints hold an extraordinary general meeting at which they will call for the removal of a number of the current board.

Southampton Leisure Holdings have confirmed they have received a requisition from Lowe, Wilde and Merlion Equities Ltd, who hold a 22.97 per cent share in the company, to convene a meeting.

At the meeting the requisitionists will call for resolutions to be passed for the removal of Leon Crouch, the current chairman, Lee Hoos, the operations director, and the directors Patrick Trant and Keith Wiseman and the appointment of Lowe, Wilde and Andrew Cowen to the board.

Southampton Leisure Holdings have also received letters from shareholders holding a further 20.31 per cent indicating they would vote in favour of the resolutions proposed.

Last week Crouch said Lowe and Wilde were "deluding themselves" if they were plotting a return to the club.

Meanwhile, the club is refusing to comment on reports claiming it has accepted an early payment from Arsenal for Theo Walcott to ease their immediate financial problems.

Walcott moved to Arsenal in January 2006 as a 16-year-old for an initial £5 million fee which could have risen to £12 million, based upon his progress, but Southampton are now thought to have accepted a total payment of £9.1 million for the England striker.

The club has managed to reduce its financial losses but continues to face an uncertain future, according to the latest half-year report. In the six months ending December 31 2007, Southampton's loss after tax was £700,000 despite a drop in revenue of more than £5million. The majority of that improved figure came from the sales of Kenwyne Jones to Sunderland and Chris Baird to Fulham.

In his financial statement, acting plc chairman Keith Wiseman said: "The board confirms it is working closely with, and has the support of, its bankers" but warned of "a material uncertainty which may cast doubt about the group's ability to continue as a going concern".