JEFF Mostyn has this morning stepped down as Cherries chairman.

Mostyn's business partner Steve Sly has also relinquished his role as vice-chairman.

In a statement, the club's Board of Directors said: "AFC Bournemouth wishes to announce that chairman Jeff Mostyn and vice-chairman Steve Sly have left the Board of Directors of the club.

"AFC Bournemouth would like to take this opportunity to thank them for their stewardship of the club over the last two years and in particular their ability to carry the baton throughout the period of administration.

"There is no doubt that without their inclination and support during this period we may not have been a Football League club today.

"With the club now under new ownership and with a period of transition completed, it was felt that a review of the Board structure was required. Jeff and Steve have always said that no one is bigger than the club and that they would always put the club first if new opportunities presented themselves to the new owners.

"And with doors opening to bring in further investment, they as men of their word have taken the decision to step down for the long-term benefit of AFC Bournemouth.

"The restructure of the Board of Directors will take place over the next few days and a formal announcement will be made early next week.

"Up The Cherries In All Departments."

In his own statement, Mostyn said: "I now believe the time is right for me to step down as chairman and allow Paul (Baker) the freedom to develop the club in his own style, while also encouraging new investment.

"For those of you that know me personally, you will know the decision has not come easy.

"I am passionate about the football club as I believe I have demonstrated throughout the two years that I have been involved, both as an investor and as chairman.

"I cannot begin to tell you how proud I have been to have had an opportunity to be the chairman of AFC Bournemouth. I believe I can look back with pride knowing my efforts have resulted in new investment, a brand new start, and a near debt free club. That is a legacy that I am proud to have left the amazing supporters of the club."

MORE ON THIS STORY IN TOMORROW'S ECHO.