AFC Bournemouth's biggest secured creditor has extended a vital repayment deadline by a further three months.

Stanley Cohen, the club's honorary president, has negotiated a discount worth hundreds of thousands of pounds on a debt worth £1.4million.

The money is owed to Northover and Gilbert, a wholly owned subsidiary of Stanley Cohen's Glenmore Group.

Originally Mr Cohen wanted payment in August but delays in setting up a refinancing scheme meant this was impossible.

Cherries chairman Peter Phillips said he was confident the club could meet Mr Cohen's new deadline and take advantage of the discount, believed to be worth around £450,000.

He confirmed the club is also in discussions with the Inland Revenue over a sum of £500,000 that is due in October.

The club is currently progressing two ways of refinancing - a Supporters' Pension Scheme (SPS) that would see a group of fans buy the stadium and lease it back to the club, and the sale of the stadium and surrounding land to property developers londonewcastle.

Mr Phillips said: "The londonewcastle deal has been slowed down by the winding-up order whereas work has continued behind the scenes on the SPS.

"The SPS is now ready to launch and in the next 10 days or so it will emerge back into the public domain.

"There is now the possibility that if that scheme continues to progress, it will overtake the londonewcastle deal. And the SPS has always been our first preference.

"But one way or another we have to meet our liabilities, it really is a race against time."

First published: September 7