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Page last updated at 13:21 GMT, Saturday, 24 May 2008 14:21 UK

Cherries takeover 'a month' away


The takeover of Bournemouth is unlikely to be finalised for another month, according to the relegated League One club's administrator.

Cherries chairman Jeff Mostyn is the preferred bidder to purchase the club, after a number of other false dawns.

But administrator Gerald Krasner told BBC Radio Solent: "I'm optimistic that we'll reach a successful conclusion, but it won't be for a month yet.

"The transfer of the football share will be the last thing to happen."

The Cherries raised 250,000 this week with the sale of teenage striker Sam Vokes to Wolves, but have been in administration since early February.

Mostyn was announced as the preferred bidder by Krasner on 29 April, and the administrator commented at the time: "I envisage the process will be three weeks going on four weeks while we do the fine print."

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.

The Cherries suffered relegation to League Two thanks to the mandatory 10-point deduction for entering administration.

They could begin the 2008/09 season with another points deduction, as they look set to follow Leeds' example of coming out of administration without agreeing a Company Voluntary Arrangement (CVA).

A CVA complies with the Football League's insolvency policy - but while Leeds were deducted 15 points at the beginning of the 2007/08 season, the League has stated that it was not a binding precedent for other clubs, and each case will be decided on its merits.

see also
Bond 'disappointed' at Vokes sale
23 May 08 |  Bournemouth
Mostyn finalising Cherries plans
06 May 08 |  Bournemouth
Mostyn named sole Cherries bidder
29 Apr 08 |  Bournemouth
Cherries takeover bid collapses
14 Apr 08 |  Bournemouth
Mostyn resigned to Cherries exit
09 Apr 08 |  Bournemouth

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