When news happens text pix and video to 80360. Start your message with BE then leave a space.
New stadium deal could be required
CHERRIES' potential new owners will be hoping to find their Dean Court landlords Structadene both accommodating and reasonable.
The London-based property company bought the stadium from the ailing club in a £3.5m sale-and-leaseback deal in December 2005.
Despite fierce opposition from some quarters, Cherries were forced to sell the ground in an attempt to buy time to sort out their debt mountain.
The club currently pays around £315,000 a year in rent, although the current deal would almost certainly need to be re-negotiated if the club was to be sold.
Should administrator Gerald Krasner complete a sale, it is understood the existing contract with Structadene would lapse if a new company was to be formed.
And the club's new owners would be responsible for trying to strike up a deal with Structadene to stay on as tenants at Dean Court.
Under the existing contract, the rent increases by 2.5 per cent per annum until the fifth year and then remains the same for the next five years.
It also includes the provision for a buy-back option, which started at £4.25m and rises £60,000 a year for five years. New owners could now re-purchase the ground for £4.37m.
Meanwhile, Cherries last night confirmed a press conference for 10am this morning where Krasner was expected, according to the announcement, to update the media on the club's administration period.
Although the press release revealed little, Krasner was expected to confirm he has received a formal bid for the club - with the consortium led by current chairman Jeff Mostyn still thought to be the favourites.
- See the Echo website this morning for a live update from the briefing as well as a video from the press conference later this afternoon.