AFC Bournemouth

Anything yellow and blue
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OUFC4eva
Grumpy old git
Posts: 2369
Joined: Wed Jan 02, 2008 5:57 pm

AFC Bournemouth

Post by OUFC4eva »

As Hog mentions on another thread, the Cherries Chairman Jeff Mostyn
is expected to confirm in a mid-day news conference today that
the club has gone into Administration. Debts are believed to be
more than £4M.

Insolvency practitioners Begbies Traynor in Leeds are to be appointed
Administrators with Gerald Krasner (ex- Leeds United Chairman)
bound to be involved I would say.

The interesting thing is that two years ago they sold their new stadium
at Dean Court to a property investment company and leased it back.

This move was designed to substantially clear the club's debts including the HMRC which was owed significant sums. It's therefore difficult to understand
how the club has allowed a situation to arise whereby HMRC petitioned
for the winding up of the club in the High Court this week.

A ten point deduction means near certain relegation.
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