In February 2007 Gerald Krasner was appointed as the administrator of this little team that had somehow run up massive debts.

That made Krasner responsible for running the club.  It is a job to which he is well suited and highly experienced, for this is the man who did the same job at Leeds "united" in 2004.

Krasner was great at that job.  He made the decision to borrow £15m at an interest rate so amazingly high that the club then had to pay £1.5m a month in interest.

Then it had to pay £2m for being late in making a payment.

He then sold the club's ground in order to pay the interest on the loan.  Then he paid over £1.5 million to agents who had the job of getting rid of the players that David O'Leary (now unemployed) had bought. 

Next he offered 20-year season tickets but instead of raising £10m he raised well under a quarter of a million from the scheme.

Then he took on Geoffrey Richmond to give advice - and this was the guy who had worked at Bradford before running away after they had generated debts of £36m.

Good luck AFC Bournemouth.  Looks like the only way from here is, well, down.

Last modified: February 23, 2008