Bournemouth have announced that they have agreed a deal with the EFL regarding their breach of Financial Fair Play rules during the 2014-15 campaign.

During that season, Bournemouth secured promotion to the Premier League for the first time in the club's history, but failed to meet FFP regulations.

A legal challenge regarding the rules from Queens Park Rangers resulted in a delay over Bournemouth's punishment, but it has now been revealed that the Cherries will pay a fee of £4.75m.

In a statement on the club's official website, it is said that "the EFL acknowledges that the club did not make any deliberate attempt to infringe the rules or to deceive".

Bournemouth have spent the last three years in England's top flight, finishing in 16th, ninth and 12th place respectively.