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 Posted by ESPN Staff
Jan 15, 2008

Bournemouth sink closer to administration

Bournemouth have moved a step closer to going into administration after the club confirmed they have served a notice of intention to appoint an administrator.

By serving the notice, the Cherries, who are reported to be £4million in debt, can now gain a period of protection from their creditors while the club's board assess their financial position - essentially leaving them until March 27 to make their next move.

However, club chairman Jeff Mostyn has insisted that does not mean the League One strugglers will definitely go into administration.

A statement on the club's official website read: 'The directors of AFC Bournemouth Football Club have lodged a notice of intention to appoint an administrator.

'BDO Stoy Hayward is currently dealing with the directors of AFC Bournemouth in an advisory capacity only. At this stage there has been no formal appointment of administrators.

'The chairman Jeff Mostyn commented that this action was taken to prevent our current negotiations being frustrated by aggressive and unhelpful creditors.

'We were professionally advised to serve a notice of intention to appoint an administrator, which we have done.

'However, the chairman stressed that the club is not in administration and it is not a forgone conclusion that it will be.'