FORMER AFC Bournemouth chairman Eddie Mitchell has pulled out of a deal to buy a 51 per cent stake in National League South new boys Poole Town.

Dolphins vice-chairman Chris Reeves revealed the U-turn had resulted from “one or two differences” that the two sides had been “unable to broker”, writes Andy Mitchell.

Sandbanks-based property developer Mitchell purchased an initial two-year option in December 2013, a provision he then extended until the end of May this year.

With just days left, Mitchell declared his intention to complete the deal with Reeves, later stating everything had been “agreed in principle” and that both parties had “reached an understanding” despite the expiry date passing.

The bulk of the shares Mitchell had been due to purchase were set to come from chairman Clive Robbins and the estate of his late father, Arthur Robbins, which amounts to just under 65 per cent of the club.

Reeves stated in June that he had no plans to sell any of his 25 per cent stake. The other 10 per cent is owned by director Pippa Daniels.

Reeves politely declined to comment on the specifics of what went wrong but insisted Mitchell would continue to aid the club’s quest to find a new site for a permanent home.

Reeves said: “We carried on talking after the end of the option period but the fact it had expired meant Eddie was not in a position to automatically exercise his option.

“A deal had been agreed in principle but it didn’t prove possible to get it over the line. One or two differences arose which we were unable to broker so the terms of the takeover could not be finalised.

“Eddie remains a good friend of the club and we will continue to liaise with him over plans to resolve our long-term future. He is still fiercely interested and committed to trying to secure a new ground.

“I continue to enjoy dialogue with him in that respect. I would not like anyone to think his interest in the club has been diminished in any way by the fact the share deal has fallen through.

“He is very much looking forward to the start of the season. Poole Town remains his club but for the moment, talks of a takeover have finished.”

Asked whether or not negotiations could be revisited in the future, Reeves replied: “While you can never say never, the talks have ended rather than being put on hold.

“I don’t think it is right to suggest talks will resume but as with any committed supporter with influence, you never know what is around the corner.”

Meanwhile, Reeves added the withdrawal would accelerate Poole’s search for added investment and expertise.

“As we go into the National League, the challenges for the club are immense,” he said.

“I hope the increased profile we have will produce some new blood, hopefully even at board level.”