Bournemouth have announced that they have come to an agreement with the English Football League regarding a Financial Fair Play dispute back in 2014/15. The club have been cleared of any deliberate wrongdoing in their settlement with the EFL.

The Cherries were initially handed a £7.6m fine (according to the BBC) for accruing losses of £38.3m in their Championship winning season - mainly as a result of increased staff wages - despite not being permitted to lose any more than £6m.

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The Cherries chose to challenge the fine at the time, and now, three years later (with Bournemouth having established themselves as a Premier League club), they've finally come to an agreement with the EFL.

"In reaching a settlement, the EFL acknowledges that the club did not make any deliberate attempt to infringe the rules or to deceive," reads a statement from the club, available on their official website.

"All relevant matters were taken into account when determining the quantum of the settlement.

"The agreed settlement of £4.75m 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."

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The 2013/14 season had seen Bournemouth report losses of £10.3m. The rise in wages had risen to £30.4m, more than double that of the £12.9m revenue made that year, and another £4.6m had to be shelled out upon promotion in order to make the Vitality Stadium worthy of being a Premier League ground.