Gerald Krasner, administrator at League One side Bournemouth, has accepted a "seven-figure" bid for the club from a consortium fronted by chairman Jeff Mostyn.

Krasner also revealed that the offer from Mostyn, vice-chairman Steve Sly and businessman Mark Jackson was the only one he had received for the cash-strapped side.

Dorset property magnate Eddie Mitchell had been preparing a rival bid but pulled out of the race at the end of February after learning of Mostyn's interest.

Former Cherries manager Harry Redknapp - now in charge at Premier League side Portsmouth - had also declared a willingness to join a consortium to prevent the club going out of business.

Letters will now be sent out to creditors with a Company Voluntary Arrangement meeting scheduled for early April.

Bournemouth went into administration at the beginning of February, prompting a 10-point deduction that sent them plummeting into the relegation zone. Their debts are believed to total £4 million.

The south coast side currently sit 22nd in the League One table, a full 11 points from safety with only nine games of the season remaining. They welcome 17th-placed Yeovil to Dean Court on Saturday.

Tom Williams / Eurosport