Cherries Facing Administration?

Last updated : 07 December 2007 By Bournemouth Co-Ordinator
Going In To Administration?
In a statement released on the Clubs Official Web Site, chairman Jeff Mostyn is quoted as saying: "There has been a certain amount of speculation in the press today suggesting the club is on the brink of Administration.

"To avoid any misunderstandings I would like to clarify the clubs current position.

"It is a matter of record that the club had been faced with severe financial difficulties prior to Steve Sly and myself getting involved in October 2006 and subsequently taking over the club in March 2007.

"In overall terms a great deal of progress has been made at the club, but our ability to attract additional investors has to date proved to be extremely difficult especially taking account of our league and cup results.

"This has put immense financial pressure on Steve and myself as we continue to fund the club and do our utmost to satisfy the clubs financial commitments to its creditors.

"I was asked at the Fans Forum prior to the Oldham game on the 24th November if I had considered Administration as an option. My answer was yes, if we were unable to meet our commitments and I felt Administration was in the best interest of the club going forward, that would be a decision the Board would have to seriously consider.

"I would like to make it perfectly clear, the financial position at AFCB is no different to the vast majority of FL Clubs, and this has been clearly demonstrated at Luton and Coventry plus the recent speculation at Southampton. At the end of the day, it all comes down to how much money the owners are prepared to sink into a club with large debts.

"There is however some potential good news. We are currently in advanced negotiation with a group of potential investors. During the past two weeks we have met on a number of occasions to discuss various options. Our meetings included a full tour of the stadium and surrounding land.

"I can say without any hesitation, the group were as impressed with the facilities as I was when I first stepped through the front door of the club in October 2006. Steve Sly, who conducted last weeks meeting, was very confident that the next meeting, scheduled for next week, would result in firm proposals being put forward for consideration.

"Whilst we both remain confident, having been let down on numerous occasions during the past Twelve months we remain cautious but optimistic.

"Whatever the outcome any decision made, will be taken in the best interests of AFCB going forward. We have to get ourselves into a position where we can make positive decisions about our future without constantly looking over our shoulder.

"I will keep fans posted on any progress within the next few weeks. Thank you all for your continued support
".

Jeff Mostyn - Chairman, AFC Bournemouth