Markus Liebherr, Southampton's billionaire owner, has died aged 62. His passing came after a period of illness during which, those close to him have stressed, he made provision for the League One club's future.

The Switzerland-based, German-born industrialist took the club out of administration in July 2009 and immediately injected sums aimed at providing the foundations ultimately for promotion to the Premier League.

According to the club's accounts to the year ending 30 June last year "the company's indebtedness to the bank, tax authorities and trade creditors were settled."

Cumulative losses over the previous two years had run at more than £30m but, the accounts added: "The club is now financially stable. The directors are optimistic about the future prospects for the club both on and off the field." Liebherr's death has not altered that optimism.

The executors of his estate were made aware of his emotional attachment to Southampton, which was only strengthened in the 13 months of his ownership.

The increased running costs incurred by investment in the playing squad in line with Liebherr's ambitions are understood to have been met through equity investment 12 months ago, with no director loans having been placed on the balance sheet. That situation is expected to remain unchanged as Liebherr's family prepares to carry out his wish for the club's future to be secured.