Oldham given breathing space in fight against administration
Friday 6 March 2020 18:43, UK
Oldham have some respite in their battle against administration after making a "substantial payment" to their previous owners.
Brass Bank Ltd - the company that still owns Boundary Park - have agreed to adjourn the application for administration for six weeks after receiving a £570,000 payment from current owner Abdallah Lemsagam.
The figure is a back-payment for rent on the ground and a debenture to the former owners and it means the troubled League Two club, who saw their stadium's North Stand closed in January for safety reasons, avoided going into administration on Friday and have until April 21 to clear their debt fully.
Oldham have also announced they have reached an agreement "in principle" to buy back Boundary Park, while Sky Sports News has been told that former Watford chairman Laurence Bassini is also making an offer to Lemsagam to invest in the club.
In a statement on Friday, the club said the ownership has not changed and assured fans they believe the deal to buy the stadium "will put us in a far stronger position to be able to deliver the experience, football and results we all desire".
The statement read: "The club has reached an in-principle agreement with Brass Bank to purchase Boundary Park and the surrounding land ... (and) 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 was heard at 14:00 today, and adjourned until April 21, 2020, 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.
"In terms of the North Stand, this agreement means that we can begin to sell season tickets for next year. We will update fans with the details as soon as possible.
"We will of course now also be working on completing the safety improvements mandated by the Council 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.
"The focus can now turn back onto to the pitch tomorrow and we know our great away support will be cheering on the players at Crawley Town."
Seventeenth-placed Oldham are 19 points away from the solitary relegation place in League Two with 10 games remaining of the current campaign.
