DORSET businessman Philip Oram was believed to be closing in on a deal to buy Cherries' Dean Court home on Thursday night.

Oram last month tabled an offer to re-purchase the Fitness First Stadium from owners Structadene, a London-based property company.

And the Daily Echo understands his bid has now been accepted and Oram is set to become Cherries' new landlord.

The deal is likely to be formally rubber-stamped once Oram has received approval from AFC Bournemouth shareholders.

But that process should be a mere formality as sources close to the Echo suggest Cherries could benefit from the deal to the tune of around £500,000.

It is believed Oram would be prepared to offer the club either reduced rent payments or would not invoke annual rent increases.

Stricken Cherries were forced to sell the ground for £3.5m in December 2005 in an attempt to buy time to sort out their debt mountain.

The club currently pay £30,000 a month to rent the venue and there is a buy-back option to re-purchase for £4.31m. The buy-back clause goes up £60,000 every 12 months.

It is not known how much Oram has agreed to pay for the stadium, although his offer was believed to have been in excess of £4m.

Cherries, it is understood, will still retain first option to buy back the stadium under the terms of their original five-year agreement with Structadene.

Oram is expected to pick up the existing lease, although should he wish to make any significant changes, these would require the club's approval.

The Echo was unable to contact Oram on Thursday night.

But, in an exclusive interview at the end of last month, he told us he would only consider trying to buy the club once he had secured the freehold to the stadium.

It is not known whether this is still the case, particularly as Jeff Mostyn's consortium appears to be gathering momentum.

Speaking to the Echo at the end of last month, Bournemouth-born Oram, who is not a Cherries supporter, gave his reasons for wanting to buy the stadium: "I just see it as an opportunity.

"From a business point of view, it's a good opportunity to make money. Although it hasn't made money in the past, I might be looking at it slightly differently."