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CHALLENGES AHEAD: Jeff Mostyn

JEFF Mostyn's plans to take stricken Cherries out of administration could face another major obstacle.

A consortium involving current chairman Mostyn, vice-chairman Steve Sly and other mystery investors is understood to be closing in on finalising a deal for the club.

Mostyn's undisclosed offer is believed to have been the first - and only - formal bid received by administrator Gerald Krasner ahead of yesterday's 3pm deadline.

Krasner is expected to confirm Mostyn's consortium as the successful bidder either by way of a press release today or at a press conference at Dean Court tomorrow.

However, Krasner would then need 75 per cent of creditor approval in order for the club to exit administration in accordance with Football League rules.

He has already urged creditors to support any potential corporate voluntary arrangement (CVA) - or put the club's already perilous future at further risk.

Krasner has said he is aiming to hold a creditors' meeting early next month when Mostyn's consortium's offer for the club will be put to the vote.

Unless the creditors are satisfied with the proposed settlement over their respective debts, Mostyn's offer for the club - which would be conditional - could fall through.

And sources close to the Daily Echo understand a mystery Midlands-based multi-millionaire is waiting in the wings and would make his move should this happen.

It is believed debts owing to Mostyn and Sly have proved a major stumbling block to the other interested party, who has been represented at Cherries' games in recent weeks.

Krasner has already said that HM Revenue and Customs would almost certainly reject any CVA, meaning it would only take a small percentage of other creditors to block the deal.

Mostyn's consortium could therefore rely on the support of creditors like Stanley Cohen, Playershare, loan note holders and former directors Peter Phillips, Abdul Jaffer and Phil Hordle.

Meanwhile, although Krasner has refused to be drawn on the identity of the bidder, he has said that there are at least four parties in a consortium and that two separate consortia had joined forces.

And while it is understood both Mostyn and Sly are part of the new consortium, the Daily Echo understands one of the other members is a Dorset-based businessman who is well connected in the football world.

He is believed to specialise in business strategy and has contacts both in football and the City. He is also understood to have business interests in Dubai and has a wealth of knowledge in football academies and coaching.

It is believed he has been working with Mostyn in trying to source investment in the club for the past few months and will be unveiled early next week.

When contacted by the Daily Echo last night, Krasner said he would be making a statement either today or tomorrow. He said he had "some issues" to sort out with his lawyer who was not available last night.

Asked whether he had received any additional bids for the club, Krasner replied: "I've just answered your question."

He did say holding a press conference tomorrow would be "more likely" than issuing a press release today.

7:00am Wednesday 12th March 2008

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