Consortia bid to save Bournemouth

Gerald Krasner is Bournemouth's administrator

Bournemouth administrator Gerald Krasner has confirmed two consortia have submitted a joint bid to buy the financially stricken club.

Krasner refused to be drawn on the exact financial details of the deal but has set a deadline of 1500 GMT on Tuesday for other interested parties.

The Cherries are reported to be between £4m-£5m in debt.

"As of last night two consortiums have got together with a joint offer in writing form," said Krasner.

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Former Bournemouth manager Harry Redknapp, local businessman Eddie Mitchell and current Cherries vice-chairman have all been mentioned as names set to save the club.

"I'm not at this stage going to name who they are or give the value of the offer made.

"The offer is of sufficient quantity to allow the administrators to seriously consider it with a view to proposing a voluntary arrangement to the creditors by way of an exit strategy.

"This is most important as to escape the 15-point penalty Leeds got you have to obtain an exit strategy through a voluntary arrangement to get the share in the club transferred to the new company. I am not at this stage accepting that offer."

Bournemouth have already received a 10-point penalty and face relegation as a result.

Krasner, also revealed a creditors meeting has been provisionally arranged for Monday, 7 April.

He said: "We will then accept the highest bid on the basis that the money is immediately deposited in full with our solicitors until such as time as a voluntary arrangement has been agreed, or otherwise with the creditors and the share of the club can be transferred."