EDDIE Mitchell has today stepped down as chairman of AFC Bournemouth – and sold the family shareholding in the club to Maxim Demin.

News of Mitchell’s departure – predicted by the Daily Echo on our Twitter feed late last night – has been confirmed by the club in the past few minutes.

Mitchell acquired a controlling interest in Cherries when he joined a consortium headed by Adam Murry, which bought the club in June 2009.

He then joined forces with Demin in October 2011 before the Russian businessman purchased a 50 per cent stake in the club from former owners Jeff Mostyn and Steve Sly.

Mitchell and wife Brenda have both agreed a deal to sell their respective 25 per cent shareholdings in the club to Demin.

A statement issued by Mitchell, on behalf of himself and his wife, on the official club website read: “Today, my wife and I have relinquished our 50 per cent shareholding in AFC Bournemouth and all its associated companies. I have also resigned as chairman.

“The decision to do so has not been made lightly, nor without a great deal of angst, but the outcome will help enable the club to find the financial investment that it needs to keep moving onwards and upwards.

“We would both like to wish our partners, board members and successors the very best for the future and we sincerely hope that the club continues to enjoy its recent success going forward.

“It goes without saying that we are both immensely proud to have been just a small part of the club’s history and I would hope that our short spell at the helm will be viewed as a successful one.

“We believe that we are leaving you with a talented and respectable playing squad guided by a first-class management team.

“We would like to thank all the magnificent staff at the club for their unremitting support, the management, all those in the youth department and academy and everyone who has been a part of the club during our time here.

“Last but by no means least, we would like to thank the fans and supporters, who have been fantastic throughout.

“The club and its football remains in our hearts and we will therefore continue to support the club by attending matches home and away. We will also continue to share our hospitality box with Mr and Mrs Demin, with whom we will remain great friends.

“I would sum up by saying that I would not change one single minute of my time spent here. I became chairman from my first day here and it has been a great honour.

“I believe that no one man or woman is bigger than the club and this is important to remember going forward. The club will go on forever, whichever course it follows, with your invaluable support.”

Mitchell’s youngest son Josh will also resign from the board, while Dave Roberts will step down as an associate director. Mitchell’s son-in-law Neill Blake and eldest son Tom Mitchell will remain at the club in their respective positions as chief executive and director of football.

See all our AFC Bournemouth news, Match Day live blogs, picture galleries, fixtures and results in our special section at bournemouthecho.co.uk/cherries