VICE-chairman Chris Reeves revealed Eddie Mitchell’s purchase of a majority shareholding in Poole Town was close to completion having struck a deal “in principle”.

Sandbanks-based property developer Mitchell declared his intention to acquire a 51 per cent stake in the Dolphins having bought an option to do so in December 2013.

His extended option officially expired yesterday but Reeves insisted passing the deadline would not affect the sale process and that the finer details of the arrangement had been cleared up.

The bulk of Mitchell’s investment is understood to be heading directly into club funds with a small amount set aside for any costs involved with the transfer of shares.

Reeves told the Daily Echo: “In principle, we have agreed a deal with Eddie and the paperwork has been prepared.

“The deal is subject to approval from the Football Association and it may take a little while to push over the line due to people being away. They are the only reasons for it not being signed off.

“The timing is a little frustrating for everyone but all parties seem fairly relaxed about it. We have reached an understanding having been in dialogue for a long time.

“There is an existing working relationship there so from my point of view, the dates are not causing any great concern, although we do want to get everything signed, sealed and delivered within an appropriate timeframe.”

Having purchased his extension in December, the club invited Mitchell to join its board of directors but he opted not to and said he would continue to avoid a direct involvement should he complete the deal.

He reiterated his desire to find the club a suitable, permanent home following last season’s promotion to National South, which elevated Poole to non-league football’s second tier for the first time in 25 years.

Boss Tom Killick also welcomed Mitchell’s involvement and said: “He has ambitions to find the club a ground and help it to progress and that is what we all want.”