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Last Updated: Sunday, 18 March 2007, 11:55 GMT
Bournemouth takeover goes ahead
By Mark Mitchener

Dean Court
Bournemouth are reported to have debts of around 3.6m
Jeff Mostyn will become Bournemouth's new chairman on Monday after the League One club's shareholders voted to accept a takeover bid from his consortium.

Friday's extraordinary general meeting also saw shareholders vote in favour of changes to the club's constitution.

Mostyn is set to be joined on the board by fellow consortium member Steve Sly, as well as representatives from the fans' trust, the Community Mutual.

However, they hope to attract further new investors in due course.

Chief executive Laurence Jones has been acting chairman since the resignation of previous chairman Abdul Jaffer - who was initially part of Mostyn's consortium but is now no longer involved.

The consortium, which has been helping to finance the south coast club for the past few months, is committed to an initial minimum investment of 750,000 in the Cherries, who are reported to have debts of around 3.6m.

"The vote is a clear mandate for us - and it's our desire to start to run the club on a business footing," Southampton-based businessman Mostyn told BBC Sport.

"We have committed ourselves to ensuring the club has sufficient funds to get through to the start of next season and beyond, and we've based the budget on an attendance of 5,700.

I've been here for over 30 years and I've seen all the false dawns we've had, but I think it helps having a supporter helping to run things.

Steve Sly

"But the constitution was changed primarily to encourage investment - and the sooner we get new investors, the better."

In 1997, Bournemouth had styled themselves as "Europe's first community-owned club" after a supporters' trust fund headed by Trevor Watkins saved the Cherries from the brink of extinction following a six-month spell in receivership.

However, the constitution drawn up in 1997 prevented any one person owning more than 10% of the club - and this clause was one of the changes voted upon at the EGM.

"While the constitution has changed, the principle hasn't," Mostyn explained.

"With a 10% limit, I think that had an effect on our ability to encourage large investors, which is what this club needs.

"Steve has been a fan here for 33 years, and our heart is still here to provide a community football club. The fans still have a massive part to play here.

"The initial make-up of the new board will be myself and Steve with a member of the Community Mutual (CM), and I think they are meeting to nominate someone.

"A second CM member will then be selected by myself, Steve and the nominated CM member.

"I've also met the board of Playershare [the fan-run limited company which has provided funding for players since 2002], and we've got on very well.

"In many respects, they've saved the club in terms of providing the funds to get loan players on board."

Sly, who has already been an associate director at Bournemouth, added: "We're going to need everyone pulling in the right direction.

"It means the world to us to have the backing of the shareholders - and for anyone who hasn't supported us or is still sceptical, we'll do our best to win them over.

"I've been here for over 30 years and I've seen all the false dawns we've had, but I think it helps having a supporter helping to run things.

I think I can bring a bit of fun to this football club

Jeff Mostyn

"I want to do things for the benefit of the fans as they're the ones that count, and if I can improve things for people turning up on a match day, that'll be a feather in my cap."

Although Mostyn may not be able to match Sly's decades of attendance at Dean Court, he feels his previous footballing allegiance gives him a sympathetic outlook - while he also looks forward to working with Cherries manager Kevin Bond.

"I've been a passionate Manchester City supporter all my life - and as a consequence of the ups and downs I've had following City, I feel I have something very much in common with Bournemouth," Mostyn said.

"Kevin is a friend of mine and although we've never had a working relationship, we've known each other for many years and I think we have an understanding.

"He fully understands my responsibilities, and I understand his.

"I've even gone against the advice of my lawyer in making this investment, but I've still made it - and I think I can bring a bit of fun to this football club."

Bournemouth reject stadium offer
14 Feb 07 |  Bournemouth
Mostyn hopes takeover is backed
25 Jan 07 |  Bournemouth
Lowe rubbishes Cherries rumours
04 Sep 06 |  Bournemouth


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