OLDHAM Athletic have staved off the immediate threat of administration.
Not only that but Abdallah Lemsagam, who owns the team, said he has agreed in principle with Brass Bank Limited to purchase Boundary Park and its surrounding land.
Latics’ controversial owner now has to stump up the money, widely reported by many sources at £6million to complete the deal.
A statement issued by Latics said: “After working extremely hard over the past week to secure the future of Oldham Athletic, we are very pleased to be able to provide an update regarding the application for administration made by Brass Bank Limited, current owners of Boundary Park.
“The club has reached an in-principle agreement with Brass Bank to purchase Boundary Park and the surrounding land. The club has also paid Brass Bank a significant sum towards the final settlement figure. Contrary to reports, the ownership of the club has not changed at all.
“The application for administration was adjourned until April 21 at the request of both the club and Brass Bank, allowing the parties further time to formalise the agreement and for the club to pay final sums to Brass Bank.”
The agreement, the statement continued, means the club can sell season tickets in the new North Stand, which has been shut for the last four games.
It said: “We will of course now also be working on completing the safety improvements mandated by the council’s safety advisory group and hope to re-open the stand as soon as these are satisfied.
“We know that this has been a very unsettling time for the fans and all associated with Oldham Athletic AFC.
“We believe this to be the right deal for the future of the club and that it will, once complete, put us in a far stronger position to be able to deliver the experience, football and results we all desire.”
Latics’ fans feared the club may go the same way as neighbours Bury when Brass Bank made an application to put it into administration as the two warring parties were completely at odds with each other.
The best-case scenario had been that Latics would be deducted 12 points for going into administration but remained in business.
Should that have occurred, Latics would still have been seven clear of Stevenage who are cast adrift at the foot of the table. And because of the demise of the Shakers, only one team is demoted this season, another saving grace.
To Latics’ credit, the day after the application was made to put the club into administration and it emerged wages would again be paid late, they went out and recorded a 5-0 win against Newport County, the team’s biggest league win for 13 years.
Sadly they were unable to build on that success on Saturday (March 7) when they lost 3-0 at Crawley Town.
Since Dino Maamria was appointed head coach in September, however, Latics have enjoyed an upturn in fortunes and looked to be building a half-decent team, even though they remain in an unflattering 18th place in League Two.
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