ONE of the administrators who worked to rescue AFC Bournemouth from collapse has said its future looks secure after its “miraculous” transformation.

Julie Palmer, regional managing partner with Begbies Traynor, said the Cherries should have no trouble balancing the books in the Premiership despite being saddled with debts totalling £15million.

In 2008, she worked with former Leeds United chairman and insolvency practitioner Gerald Krasner to find a buyer for the club after it collapsed into administration.

The episode led to the club receiving a 17-point penalty and almost exiting the Football League before it was bought by a consortium including Adam Murry, Jeff Mostyn and Eddie Mitchell.

Julie Palmer said: “AFC Bournemouth’s turnaround is nothing short of miraculous and is a great case study in football’s resilience.

“When Gerald Krasner and I were appointed joint administrators in 2008, the club had debts of around £4m and we came very close to liquidating the business.

“It was rescued at the eleventh hour thanks to huge support from its loyal fan base and the good grace of its current chairman Jeff Mostyn, who provided the funds for the following month.

“Between them, Mr Mostyn and the supporters enabled the club to survive the ordeal and move out of administration.

“But whilst they kept their faith in the club, throwing it a lifeline worth hundreds of thousands of pounds, few envisaged that the turnaround would result in promotion to the Premier League – particularly in such a short space of time.”

The Cherries were certain to reach the Premier League following a 3-0 victory at home to Bolton on April 27. They sealed their position at the top of the Championship with an away win against Charlton Athletic on the last day of the season.

Julie Palmer added: “Bournemouth still has debts of more than £15m but its new ranking amongst England’s top teams means the club should have no problems balancing its books next season.

“The value of the club is now likely to exceed £120m and sponsorship opportunities alone should more than cover any outstanding liabilities.

“It’s incredibly satisfying for Gerald and me – and indeed the wider Begbies Traynor team – to see the success of a club that we all worked so hard to bring back from the brink. The effort was clearly worth it and I’m sure Mr Mostyn is one of the happiest men alive.”