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By ESPN Staff
Apr 1, 2008

Bournemouth takeover hits the skids

Bournemouth chairman Jeff Mostyn has confirmed his proposed consortium aiming to buy the club has 'broken down' following the withdrawal of Marc Jackson.

Cherries administrator Gerald Krasner last month accepted a bid in principle from Mostyn, vice-chairman Steve Sly and Jackson for the cash-strapped club, which was due to be put forward at a creditors' meeting on April 7.

However, Mostyn must now quickly find further investment after Jackson's withdrawal from the consortium.

'I can confirm that the proposed consortium, including Marc Jackson, has broken down for contractual reasons,' Mostyn told the Daily Echo.

'With the proposed creditors' meeting due on April 7, this has left a very short time frame with which to fill the financial void left by the lack of promised funding.'

Jackson added: 'Funding conditions have to be met before funding comes into any deal and contractual agreements have to be agreed. If they are not satisfied then funding isn't released. Our consortium has broken down but that doesn't mean I've walked away.'