MARC Jackson is formulating a “rescue package” to save Saints should the remaining bids to buy the club collapse.

The Dorset businessman revealed the group was in talks with administrators and the Football League last night.

But he said the group, comprised of an equity fund and a wealthy individual, would only take control “as a last resort”.

Ironically, it is the same consortium that submitted the first official bid two months ago before the Pinnacle Group was awarded exclusivity.

The latest development comes just 24 hours after another bid fronted by Mr Jackson withdrew from the race just hours before the Pinnacle Group dramatically disintegrated.

As revealed by the Echo, a group with financial backers in Israel pulled out because of pressure to complete a quick deal.

“We have now gone full circle,” Mr Jackson told the Daily Echo.

“We now have exactly the same group we had before Pinnacle signed exclusivity. They never really went away, their view was that their bid always stayed in place.

“This will be a rescue package. I do not want to put off any of the other bids, but we will be here if all else fails.”

The Echo understands the bid would be well below administrator Mark Fry’s target sale price of about £15m.

The group’s original bid was rejected by Mr Fry as it was based on instalments paid on future promotion to the Championship and, ultimately, the Premier League.

Mr Jackson said the new bid, the value of which he would not reveal, was in place to help stave off liquidation of the club’s assets.

“We are trying to structure it so that it protects the club,” he said.

“If no one comes forward and purchases the club Mark Fry will be in a position where he has to put the club into administration.

“He could structure it in a way that is not as bad for the club and potentially ask the Football League to not impose any further point deductions.”

Current Thailand manager and former Saints player Peter Reid has been made Mr Jackson’s top target to lead the team in League One.

Reid denied that he had been approached for the job, but said he would be open to offers.