Source: Bournemouth_Echo
Baker: Cherries owners knew about the debt
FORMER owner Paul Baker admits he has every sympathy with the current Cherries board regarding the club's ongoing transfer embargo.[LNB] However, while shouldering his share of the blame, Baker also claims the new owners got the club on the cheap due to the level of debt they agreed to take on.[LNB] Baker eventually sold the club to the Murry Group in June following a protracted and complicated takeover saga which took several twists.[LNB] Majority shareholder Eddie Mitchell has already stated the embargo would only be lifted once the club had cleared its debts and vice-chairman Jeff Mostyn has blamed, in part, legacy debts for the problem.[LNB] Speaking to the Daily Echo last night, Baker said: It is a difficult one and I have every sympathy with them. But if there are any legacy debts then it's up to them to clear them.[LNB] At some stage, you have to pay it off because that's what you bought when you bought the club. They knew the level of debt and they got the club on the cheap because of it.[LNB] The embargo was tightened due to issues with the players' wages. There was a month of salaries outstanding when I left and the new owners agreed to take that on as part of the deal.[LNB] We had paid two instalments of the CVA, in full and on time, and nothing was overdue with that when we left the club. We had been supplying monthly profit and loss accounts and had also put a deal in place with (landlords) Structadene where we had agreed to pay them a deferred rent for a period of time. Again, the new owners were aware of that.[LNB] Speaking to the Daily Echo, chairman Mitchell again confirmed the embargo would only be lifted once the club had cleared its debts.[LNB] He also said the Murry Group had been aware of what it was taking on when it decided to buy the club. Mitchell added: It was left in a hell of a mess, we were aware of that, and are trying to sort it out.[LNB] A spokesperson for the Football League said: We do not comment on specific clubs with regard to transfer embargoes.[LNB] However, the league has written to the club to reiterate the criteria it needs to meet with the league.[LNB] The league will continue to work closely with the club to ensure that any financial issues from the past do not re-surface.[LNB]
