Cherries To Be Deducted 17 Points
The statement on the Football League web site states:
At its meeting this evening, the Board of Directors of The Football League considered an application from a company - AFC Bournemouth (New Co.) - which has applied to join League 2 in place of the existing club, which is currently in administration.
AFC Bournemouth (Old Co.) has been unable to agree a Company Voluntary Arrangement (CVA) with its creditors and as a consequence is unable to satisfy the normal conditions of The League's insolvency policy for exiting administration.
The Board decided, however, that it was prepared to exercise its absolute discretion under the 'exceptional circumstances' provisions of its insolvency policy. Therefore, in accordance with recent precedent, the Board has made the following offer to AFC Bournemouth (New Co.). Acceptance of the Board's offer is a pre-requisite to the exercise of that discretion:
1. The club will be deducted 17 points for the 2008/09 season. This takes into account the fact that the club has had a previous insolvency event.
2. The club must provide a legal waiver indicating that it will not challenge or appeal this decision.
3. The club must pay unsecured creditors the amount offered at the time of the CVA hearing.
The Board's offer is subject to the club agreeing these conditions, and formal agreements being signed, by 12.00 noon tomorrow.