Bournemouth have reached a settlement with the Football League of £4.75million to resolve a dispute over breaching Financial Fair Play regulations while in the Championship during 2014/2015.
The Cherries secured promotion to the Premier League in May 2015 when they won the Championship to reach the top flight for the first time in the club’s history.
However, accounts published at Companies House for the period revealed the club had reported a loss of £38.3million over the course of the campaign.
The Football League had set Financial Fair Play limits of permitted maximum losses at £6million for a season, “consisting of a maximum adjusted loss of £3million plus a further maximum of £3million of shareholder investment.”
As a result of breaching those regulations, in May 2016 it was announced Bournemouth, who went on to retain their place in the Premier League, were to be fined £7.6million.
In a joint statement issued on Thursday morning, the EFL and Bournemouth said “proceedings were stayed” pending the outcome of a legal challenge from QPR against the fines imposed on them for breaking FFP regulations.
After reaching the £4.75million settlement, the Football League said it “acknowledges that the club (Bournemouth) did not make any deliberate attempt to infringe the rules or to deceive.”
The statement added: “All relevant matters were taken into account when determining the quantum of the settlement.
“The agreed settlement of £4.75million is in full and final settlement of all and any claims by the EFL against the club and its officers, in respect of the FFP Regulations for Season 2014/15.
“No further details with regards to the settlement will be released.”
Last season, Bournemouth finished 12th in the Premier League.