CHERRIES are to pay £4.75million to the English Football League to settle a breach of financial fair play rules from when the club was in the Championship.

Eddie Howe led Cherries to the Premier League for the first time in their history in 2015.

A statement on the Cherries website said: “The EFL and AFC Bournemouth have reached an agreement to settle a dispute between them arising out of the financial results of the club in 2014-15.

“The club was deemed to have breached financial fair play rules at the time but proceedings were stayed pending the outcome of a legal challenge by Queens Park Rangers against those rules.

“In reaching a settlement, the EFL acknowledges the club did not make any deliberate attempt to infringe the rules or to deceive.

“All relevant matters were taken into account when determining the quantum of the settlement.

“The agreed settlement of £4.75million is in full and final settlement of all and any claims by the EFL against the club and its officers, in respect of the FFP regulations for season 2014-15.”