L2 News: Cherries Face 15 Point Penalty

Last updated : 07 June 2008 By Stray Shots Team

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.