CHERRIES chief executive Neill Blake and new chairman Bill Foley have praised outgoing Maxim Demin for helping the Dorset club reach “heights we could never have dreamt of reaching previously”.

Russian businessman Demin’s 11-year association with Cherries came to an end earlier today when the £120million takeover led by Foley was confirmed to have been completed.

Demin took Cherries from the third tier of the Football League to the top-flight in just five seasons, with Foley crediting his predecessor for ensuring the Dorset club’s continued existence.

Speaking to Cherries’ website, Foley shared: “Without the belief and financial backing of Maxim and his family, AFC Bournemouth might well have ceased to exist. Maxim’s support and involvement has allowed the club to establish itself as a top-flight team.

“We’d like to thank him for his co-operation throughout the process and praise his hard work whilst owner of the club. We wish him well as he focusses on his other business endeavours.”

Blake, whose involvement at the Vitality Stadium predates Demin's, shared similar platitudes.

"When Maxim Demin took on AFC Bournemouth in 2011, the football club was in a very precarious position," Blake was quoted as saying on the Golden Vegas Knight’s website.

He continued: "It took less than five seasons of Maxim's involvement for the club to progress from League One to the Premier League, where his support allowed us to establish ourselves as a top-flight team.

“These are heights we could never have dreamt of reaching previously, and we were delighted he helped us achieve them again last year."