CHAIRMAN Jeff Mostyn has today issued the following statement after the publication of Cherries’ annual accounts for the year ending July 2013.

As reported by the Daily Echo yesterday, AFC Bournemouth Limited’s annual shortfall increased from £3,449,262 to £15,323,865 in the period covering their final season in League One and the summer leading up to their first season back in the Championship.

Mostyn’s statement read: "I have been asked a few questions in relation to the club's recently submitted accounts in relation to the year ending July 31, 2013.

“Any business is going to be disappointed posting a loss of any kind but with a football club that disappointment has to be put into perspective.

“We have an extremely ambitious owner, board of directors and manager who were all focused on gaining promotion to the Championship for only the second time in this club's history. As is the case with any business, success requires investment. That was precisely what we embarked upon and the end justified the means.

“In addition to strengthening the squad, we had a change of management team, a new club shop and state of the art training pitches built.

“We also invested heavily in our first team's support, employing a team of top quality analysts, sports scientists and medical staff. We use medical facilities amongst the best in Europe, which has enabled our injured players to return to the squad in record breaking time. We also have in place an international scouting network, keeping the manager aware of opportunities in the transfer market.

“With all of the above in place, the team has produced outstanding performances to reach the cusp of the play-offs in our first season back in the Championship. None of that could have been achieved without the substantial investment by the club's owner.

“You only have to look at the teams who are above us, and indeed below us, to realise how big their respective budgets are in comparison with ours and in some cases how much their corresponding level of debt is.

“The greatest significance going forward is the changes in the club's ownership and management. We now have one owner and a board of directors all singing from the same hymn sheet, all pulling in the same direction with one common goal, success for the club.

“With robust systems now in place, we are convinced, going forward, we will be able to reduce costs whilst maintaining our commitment to the success of the team on the pitch.

“It is important to remember we are in this for the long term. That statement is more than justified by the owner's past investment and his ongoing commitment to the club."