Bournemouth plan agreed

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The Independent Online
Bournemouth took an important step towards survival last night with the announcement of a pounds 1.8m takeover by a community funded appeal. The financial package was set up to save the Dorset club from ruin after receivers were called in to administrate debts of pounds 4.2m.

The receiver, Alan Lewis, was called in 10 weeks ago by Lloyds Bank, who are owed pounds 2.2m. Now Lloyds have agreed in principle to accept an offer by the trust fund along with the majority shareholder, Norman Hayward, and the acting chairman, Brian Willis.

The Second Division club needs clearance from the Football League for the deal and from the Inland Revenue, who have postponed a winding-up order in the High Court for pounds 250,000 in unpaid taxes.

Lewis said the momentum generated by a public meeting and "the strength of public and player support has given everyone great encouragement."