CHAIRMAN Eddie Mitchell tonight confirmed directors Jeff Mostyn and Steve Sly had agreed a deal to sell their respective stakes in AFC Bournemouth.

The announcement comes just days after the Daily Echo exclusively revealed a Russian consortium headed by multi-millionaire Maxim Demin could be set to buy into the club.

While Mitchell has yet to disclose the identity of his new business partner, a statement on the club website confirmed contracts had been exchanged with a buyer yesterday.

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

"I can confirm that, after lengthy negotiations, contracts have today been exchanged for the purchase of Steve Sly and Jeff Mostyn's shares in AFC Bournemouth," read Mitchell's statement.

"My new partner has a 50 per cent share in the club and I am looking forward to working with them closely. This is the start of a new era for the club and one we are very excited about.

"I would like to thank Steve and Jeff for their co-operation during the negotiations.

"We are very pleased to announce this deal as it marks the beginning of a new and exciting chapter for AFC Bournemouth.

"It will give us a sound and solid base to build from as we continue to progress on and off the field.

"More details will be announced at the beginning of next week. My new partner and I are looking forward to outlining our plans for the future to the supporters."

Echo sources claim Mostyn has agreed a package of around £700,000 for his stake, while Sly is set to receive in the region of £150,000.