JEFF Mostyn and Steve Sly have both come out fighting after their controversial takeover of Cherries came under the spotlight last week.

The pair claimed to have gained a controlling interest in the club following an extraordinary general meeting 11 months ago.

But after shareholders voted to rubber-stamp their proposals to invest £750,000 "by way of share capital", it has now emerged that the funds have remained on the books as loans.

Vice-chairman Sly, in an open letter to Cherries supp'orters, published in full on the club website, has attempted to "put the record straight on certain issues".

He claims both he and Mostyn funded shortfalls in the club's budget before the takeover "with no security at all and no guarantee of a successful takeover bid being accepted".

His letter added: "These monies were accepted as a down-payment on our bid and, therefore, at that stage, loans to AFCB."

He also said the board "was aware of the structure of the funds" and added that it "was not a priority for Jeff or I to be issued with worthless shares".

Sly also revealed that he is part of a consortium with Mostyn which wants to bid for the club and take it out of administration.

His letter said the pair had "unfinished business" but also admitted they would step aside "if an alternative bid emerges which is clearly in the best interests of the club".

The final paragraph of his letter read: "One thing is for sure though. Whether our money is sat in shares, loan notes, soft loans or green shield stamps, if we are successful with our bid, the exact nature of the status of the monies we have contributed thus far won't count for anything because we have agreed to waive any rights.

"If someone else buys the club then the majority of it will be wiped out as unsecured debt along with all other creditors."

Meanwhile, Mostyn, who didn't attend Cherries' 2-0 win over Hartlepool United on Saturday, addressed the administration issue in his programme notes and took a swipe at the "many time wasters" and "people who thrive on negativity".

He wrote: "The administration process is now gathering momentum and I have every confidence that the next 14 to 21 days will prove to be significant in siphoning out the many time wasters from the real interested parties.

"Despite receiving the expected criticism from the same small group of people who thrive on negativity, my comments about the healthy future for the club remain.

"I am not going to be derailed by a few who believe administration and possible relegation is the end of the world."

Despite publicly registering their interest in buying the club, it is not known whether either Mostyn or Sly have been asked to sign a confidentiality agreement, as other parties have.