Bournemouth: Penningtons advises on AFC deal
Penningtons Solicitors LLP has advised Hampshire businessman Jeff Mostyn in the acquisition of AFC Bournemouth Football Club.
AFC Bournemouth became the first community run club in 1997 after fans stepped in to prevent the club going into liquidation. This saw the creation of golden shares that entitled the Supporters Association, which was later formed into a company registered under the Industrial and Provident Societies Act ("the Community Mutual"), to control the club at both a shareholder and board level.
Following lengthy negotiations, an Extraordinary General Meeting was called for on 16 March, at which the shareholders of the club approved its restructuring. This has permitted Jeff Mostyn to take a controlling interest in the club along with Steve Sly. Jeff was appointed chairman on 26 March along with a new board.
The restructuring sees the Community Mutual give up its controlling interest in the club and sees the injection of much needed capital to take the club through some difficult times.
The Penningtons team acting for Jeff Mostyn was led by Daniel Leret, associate in the corporate and commercial team at Penningtons' Newbury office, and included specialists in commercial property and employment law.
