DIRECTORS Jeff Mostyn and Steve Sly are understood to be close to finalising negotiations to sell their respective stakes in AFC Bournemouth to a Russian consortium headed by multi-millionaire Maxim Demin.

Daily Echo sources close to the Seward Stadium board room suggest the deal would see Demin’s group join forces with current chairman Eddie Mitchell but probably gain a controlling interest in the club.

Mitchell and his wife Brenda, who is company secretary, both have 25 per cent shareholdings in AFC Bournemouth, while vice-chairman Mostyn owns 44 per cent and Sly six.

However, when Mitchell bought in to the club as part of the Murry Group in June 2009, the deal included an option for him to acquire one per cent of Mostyn’s shares for one pound any time up until 2014.

And it is believed this provision has been facilitated in the negotiating process with Demin, a 41-year-old petrochemicals trader, and his group set to become the club’s majority shareholder, should the deal go through.

All parties are understood to have signed confidentially agreements and requests by the Daily Echo to interview Mostyn and Sly to discuss this story were declined by the club on Friday.

Sources claim Mostyn has agreed a package of around £700,000, while Sly could receive in the region of £150,000 for his shares. It is believed the pair would step down as directors but would have seats for life at Dean Court as part of the deal.

The proposed settlements would see Mostyn and Sly, who also formed part of the Murry Group, recoup a large chunk of the losses they suffered after acquiring the club in March 2007 and then helping fund it through administration in 2008. Mostyn and Sly are understood to have been pondering an offer to sell ever since being introduced to Demin by Mitchell earlier this year.

Mitchell’s Dorset-based company Seven Developments designed and built a luxury mansion for Demin on Sandbanks peninsula a couple of years ago. The Russian tycoon snapped up the exclusive waterfront pad for nearly £5m and demolished it to make way for a bigger property, splashing another £5m on the rebuild. The house is situated near to former Cherries boss Harry Redknapp’s home.

Demin and other members of his group have already been introduced to some club staff, while they recently attended a squad training session at Canford School. They have been completing due diligence at the club in recent weeks.

It is believed part of their plans would be to develop the south end of Dean Court and build a fourth stand – which would include a hotel, offices and spa – with Seven Developments carrying out the work.

They could also be contemplating strengthening the management team by bringing in a director of football to work alongside manager Lee Bradbury and his assistant Steve Fletcher. One possible candidate could be current Northampton Town boss Gary Johnson who managed the Latvian national team between 1999 to 2001.