CHAIRMAN Eddie Mitchell has confirmed that a new investor – understood to be Russian businessman Maxim Demin – has completed a deal to become the co-owner of AFC Bournemouth.

Mitchell yesterday reported that contracts for the 50 per cent stake in the club, previously held by Jeff Mostyn and Steve Sly, were finalised by solicitors this week.

While the club has remained tight-lipped on the identity of the new co-owner, the announcement comes just weeks after the Daily Echo exclusively revealed that Demin was poised to buy into the League One outfit.

It is believed Demin, a 41-year-old petrochemicals trader, has joined forces with Mitchell and his wife Brenda, who both have 25 per cent shareholdings in the club.

Mitchell confirmed last month that Mostyn and Sly had agreed to sell their stakes – 44 per cent and six per cent, respectively – and that contracts had been exchang-ed. And a statement posted on the club’s official website yesterday said that the “necessary exchange of finances” for Mostyn and Sly’s shares had been completed.

The statement added: “The deal means Eddie Mitchell now shares a 50/50 ownership in the club with his new partner. Contracts for Steve Sly and Jeff Mostyn’s shares were exchanged two weeks ago and the deal was finalised earlier this week.”

Mitchell’s company Seven Developments designed and built a luxury mansion for Demin on Sandbanks peninsula a couple of years ago.

It is believed part of the club’s plans are to develop the south end of the stadium and build a fourth stand – which would include a hotel. Stadium landlords Structa-dene last week rejected two bids from Cherries to buy back the ground – the latest for £4.5m.