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Page last updated at 13:59 GMT, Tuesday, 29 April 2008 14:59 UK

Mostyn named sole Cherries bidder

Bournemouth

Bournemouth chairman Jeff Mostyn's bid to buy the club is back on after administrator Gerald Krasner confirmed that he is the preferred bidder.

Two new bidders had entered the race to buy the Cherries last week - but both failed to deposit funds with Krasner before Monday's 1200 BST deadline.

However, Mostyn - who was not involved with either of those bids - has now paid 80,000 to the administrator.

That sum will keep the League One club going for the rest of the season.

It's obvious to me that when push comes to shove, Jeff Mostyn has been the only guy to have written a cheque to keep the club alive

Administrator Gerald Krasner
The Cherries visit Carlisle in their final game on Saturday, having won their last six games and hoping to complete a remarkable escape from relegation.

"As a result of that money, Mr Mostyn is now a preferred bidder with total exclusivity," Krasner told a news conference.

"I will have no further dealings with any other third party because it's obvious to me that when push comes to shove, Mr Mostyn has been the only guy to have written a cheque to keep the club alive.

BOURNEMOUTH IN CRISIS
8 February: Club enters administration and are deducted 10 points
13 March: Chairman Jeff Mostyn's consortium's bid accepted, subject to CVA
1 April: Marc Jackson splits with Mostyn's group. Bid is withdrawn.
7 April: Two new bids tabled - one from Mostyn, one from a group fronted by Jackson
8 April: Mostyn bid initially accepted, but then Jackson group's bid announced as preferred bidders with 14 April deadline to buy club
10 April: Jackson's group revealed as EU UK Ltd
14 April: EU UK Ltd withdraw bid to buy club
18 April: Two fresh bids for club are lodged
28 April: 1200 BST deadline passes with no funds deposited by either bidder
29 April: Mostyn announced as preferred bidder
"If anyone else decides they want to be a bidder, they've got to go to Mr Mostyn and join his consortium.

"I envisage it will be three weeks going on four weeks while we do the fine print."

The Cherries have been in administration since early February, earning them a mandatory 10-point deduction from the Football League.

Since then, there have been a number of attempts to buy the club.

A Mostyn-led group did have an offer accepted in principle by Krasner, subject to the club's creditors voting in favour of a Company Voluntary Arrangement (CVA), but that bid fell apart in early April.

A rival consortium involving company EU UK Ltd were subsequently announced as preferred bidders - only to withdraw their offer several days later.

Krasner added: "The club was in danger of collapsing immediately after the last match - it isn't any more.

"On Thursday, the Football League will hear the result of the Leeds United decision as to whether the 15-point penalty stays in place or is reduced.

"That could have a bearing on Bournemouth's future next season as it is unlikely, but not impossible, that the joint administrators will be proposing another CVA.

"That is the exit route currently preferred by the Football League."

Leeds were deducted 15 points at the start of the season for failing to comply with the League's policy on insolvency - having come out of administration without agreeing a CVA.


see also
Cherries chief in wedding dilemma
28 Apr 08 |  Bournemouth
Bournemouth 1-0 Crewe
26 Apr 08 |  League One
Leeds verdict before season end
18 Apr 08 |  Leeds United
New bids come in for Bournemouth
18 Apr 08 |  Bournemouth
Cummings upset at failed takeover
18 Apr 08 |  Bournemouth
Cherries takeover bid collapses
14 Apr 08 |  Bournemouth
Mostyn resigned to Cherries exit
09 Apr 08 |  Bournemouth
Cherries face threat of closure
03 Apr 08 |  Bournemouth
Cherries consortium hits buffers
01 Apr 08 |  Bournemouth
Bournemouth enter administration
08 Feb 08 |  Bournemouth


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