Friday 26 January 2018 19:40, UK
Abdallah Lemsagam has completed his takeover of Oldham Athletic.
A deal for the Moroccan businessman to take over from Simon Corney has been agreed and approved by the English Football League following several months of talks.
Sky Sports News understands Corney, who has been the majority shareholder for 14 years, will stay as chairman during a transitional period.
Lemsagam says he will be building the club, who are 22nd in League One, step by step and is thinking about their long-term future.
"I'm not a billionaire! I'm just going to start step by step like we said, work hard for the club, the coach, with everyone here," said Lemsagam.
"We're not coming in too extreme to dish money here, left and right, we're coming here to do good work for the future."
A club statement on the takeover read: "Simon Corney has been in discussions regarding the takeover of Oldham Athletic Association Football Club for several months.
"The club can now officially announce that a deal has been agreed and the English Football League have approved the change in majority shareholding to Mr Abdallah Lemsagam.
"Mr Corney believes that in Mr Lemsagam he has found the right man to take the club forward and one who has the resources, skills and contacts to do so.
"This is a huge step for the football club and Oldham Athletic would like to thank Mr Corney for his years of service and support during his 14-year tenure.
"The club would also like to take this opportunity to thank the EFL for their cooperation and the supporters of Oldham Athletic for their patience during this transition period."
Oldham also confirmed the takeover means they had agreed a deal for Eoin Doyle to return until the end of the season, after his loan from Preston ended at the start of January.
"Eoin is coming back, for me that's a statement," said Latics manager Richie Wellens.
"The easiest thing for Eoin Doyle could have been going somewhere else, there's other clubs who are going for promotion in our league.
"Abdallah has managed to get him and we'll keep him to the end of the season and then try and do something in the summer."
As far as ownership goes, Lemsagam owns 97 per cent of the football club which he has bought from Corney while the Supporters Trust maintain their 3 per cent stake.
The takeover does not include Boundary Park's North Stand which the club do not own but have use of on matchdays.
Oldham, who have faced a number of winding-up orders in the last two years for non-payment of their tax bills, saw their ground raided by HMRC in November.
Corney purchased the club in 2004 alongside Danny Gazal and Simon Blitz, but became majority shareholder in 2010 after Gazal and Blitz left.
