NEARLY £1million of taxpayers' money has effectively been wiped out after the AFC Bournemouth Corporate Voluntary Arrangement (CVA) was rejected on Monday.

It was feared the Cherries, with debts of £5.8 million, could have folded after 109 years.

But just minutes before the start of the 11am creditors' meeting, two bids were confirmed.

Current chairman Jeff Mostyn is believed to be behind one offer, while fellow businessman Marc Jackson is fronting the second.

At yesterday's packed Dean Court meeting, administrator Gerald Krasner said he hoped to complete the sale of the club as soon as today.

The result of the vote means creditors stand to lose most, if not all, of their money. Bournemouth Borough Council is owed £242,204 and Dorset Police £59,218.

Speaking after yesterday's meeting, the majority of creditors and season ticket holders agreed it was the best result that could be expected. But not all were happy.

Ralph Beales, a former director of the fans' shareholders group, said: "We just weren't given enough information."

One said: "I think the time has come to face up to facts - wind up the club, and start again in The Wessex league."

A Dorset Police spokesman said: "The CVA would have given us 10 per cent of the money we are owed. We haven't yet seen details of what the bid means for those of us owed money.

"We welcome the fact that funding for the remainder of the season is available so we are paid for any services we supply during that time."

Bournemouth Council would not comment and the Inland Revenue, which is owed just under £1m, said it could not comment.

The club previously went into administration in 1997 and has been dogged by poor finances that ultimately led it to sell its ground.

One creditor at the meeting called for a police investigation into past finances.

Mr Krasner said he didn't know where the money from the ground sale had gone but said there was nothing that could be passed to the police at this stage without creditors asking for an investigation.

But season ticket holder Nick Williams said: "The most important thing is the club survives."

The mood at on the Echo's website was mostly upbeat and Scottie' wrote: "All I can say is that if we are saved, then thank you very much whoever did it - but don't let us down."