CHAIRMAN Eddie Mitchell claims Cherries have been priced out of an attempt to buy back their Dean Court home.

Mitchell confirmed the club had drawn a line under the issue after failing in a bid to tempt Structadene to sell the ground.

The London-based property company has owned the stadium since a controversial sale-and-leaseback agreement was struck in 2005.

Dean Court was sold for around £3.5m and leased back, with Cherries paying in the region of £300,000 a year in rent to Structadene.

A buy-back price was originally set at £4.25m at the time of the 2005 deal, with Cherries holding the option to purchase the stadium at a price rising by £60,000 a year for five years.

However, Mitchell confirmed to the Daily Echo in July 2010 that the agreement had expired in April of that year.

Mitchell revealed in October that Structadene had declined two offers for the ground – bids he said included a rejected one of £4.5m.

Structadene told the Echo the firm had no need to sell the ground despite Mitchell remaining determined to purchase it.

But in an interview with the Echo this week, Mitchell revealed that buying back the ground was now off the club’s agenda.

He said: “We offered them what the going rate was and they wanted over the going rate.

“It is unfortunate because it would be nice to get it back in our own hands, but I don’t think it is good business to pay over the odds for it.”

Mitchell added that it made “sense” for Cherries to use their money elsewhere and continue to rent the ground.