The Saints will be playing in the Championship next season after their appeal against expulsion following 'Spygate' was dismissed by an independent panel.
As a result, Hull City will take on Middlesbrough in Saturday's play-off final in what has been a heartbreaking week for Southampton supporters.
Speaking exclusively to Tribal Football via Midnite, Le Tissier spoke on his former club and their fans, who he says have been hard done by during the appeal process.
Le Tissier feels sorry for the players and fans
Southampton are out of the play-offs. Obviously, that was big news yesterday. Are you disappointed in the decision, or do you think it's justified?
“Well, first of all, we broke the rules as a club, so you expect to be punished for that, and I don't think there was any question of that. Southampton were very cooperative with the commission and the investigation that was ongoing, and they don't condone it at all in any way.
“So, yes, we were expecting punishment for that. I feel like, the punishments are a bit disproportionate to the crime that was committed. I think it's marginal gains that these people are looking for, it's tiny, tiny gains.
“So, that seemed a little disproportionate for the crime that was committed, when you look at kind of other offences that have taken place, and penalties that have been imposed on other clubs. Yes, there was a punishment that needed to be handed out. Was that punishment proportionate? I don't think so."
How devastating is this for the Southampton players after they worked so hard this season to get to the final?
"I think there are two sets of people that I feel sorry for. Those players did work hard, they've gone on an unbelievable run, and to have that taken away from them, and a chance of playing Premier League football, which, you know, let's be, let's be honest, some of those players, this might be the only chance they get to play in the Premier League.
"That opportunity has been taken away from them because you know of stuff that was out of their hands, and it does feel a bit unfair on those players. But it also really unfair on the fans who have spent hard-earned money to go and support the team up at Middlesbrough, and then 30,000 of them filled St. Mary's last Tuesday, it was all for nothing.
"They spent a lot of money there, and probably feel like they've wasted a whole chunk of money, which in this day and age, when you know everyone's feeling the pinch, seems a little bit unfair on the fans as well, so yeah it's a tough one to take at the moment."
Do you think the Southampton players will be furious with this decision? Or do you think they'll be angry at the club themselves?
"I think there would be. I think if I was a player at Southampton, at this point, I'd be a bit annoyed to be honest with you.
"It's having put all that effort in this season to have that kind of taken away, and for something that was so small to try and gain such as a small marginal gain. I think if I, if I was a player, I'd probably be a little bit annoyed."
Who will survive? Hull or Middlesbrough?
Southampton beat Middlesbrough 2-1 over two legs to reach the final before being expelled. Meanwhile, Hull, who finished one place behind Middlesbrough in the table, reached the play-off final after beating Millwall 2-0 on aggregate in the semi-final.
The last time the Tigers and The Boro played in the Premier League was the 2016/17 season and their decade-long wait could end this weekend as Le Tissier revealed who he thinks has the best chance of survival if promotion is achieved.
It's been a long time since Hull or Middlesbrough were in the Premier League. Do you think it's good to see another team be promoted that isn't a yo-yo side?
"Yeah, I think it's good to see different teams winning the Premier League. I think it's good to see different teams in the Premier League. I think it keeps it fresh.
"There's no question about that. If either one of those teams were to go up, it would be fantastic for them, I think it would probably be a little hollow. I think if Middlesbrough were to go up, they'd probably feel like perhaps from a sporting perspective, having been beaten in the semi-final, that they might not feel like they're really justified.
"Hull would probably feel quite aggrieved if they were to lose to Middlesbrough when they shouldn't have been playing them in the first place, there's a whole raft of things that that could happen. People will have feelings one way or the other, and maybe feel hard done to, but that's football."
Out of the two, Hull and Middlesbrough, who do you think has the best chance of survival? A lot of teams that come up, and they go straight back down. Who would you say has the best chance of staying in Premier League?
"I mean, with the squads as they are at the moment, having watched both those teams, a couple of times this season, I think perhaps both of them would, would maybe struggle, but that's that's normal, and that's why Sunderland went out and pretty much bought a whole new team.
"I think any team that goes up from the Premier League that doesn't strengthen their squad significantly, is always going to struggle. So, until we see the players that they bring in in the summer, I think you'd have to kind of wait till the beginning of August before you could kind of judge it fairly on the squad that they've got at that time."