Oldham cuts losses but debt rises
OLDHAM Athletic saw its debt pass £3m last year, but reduced losses, newly-filed accounts reveal.
The Coca-Cola League One club, which announced plans in June to quit its Boundary Park home for a £20m, 12,000-seater stadium, said it owed creditors £3.1m last year, up from £2.7m in 2007.
On a more positive note, the accounts for Oldham Athletic (2004) Association Football Club for 2008 reveal losses fell from £537,846 to £414,006.
Oldham, which is owned by America-based businessman Simon Blitz, Daniel Gazal and Simon Corney, was rescued from administration five years ago.
The accounts state the club continues to rely on the support of is shareholders to survive: “The company is dependant on its shareholders for financial support, which the directors are confident will continue for a period of at least another 12 months.
“The shareholders have indicated their present intention to provide adequate finance to enable the company to continue in operational existence.”
Under the plans, jointly unveiled with Oldham Council, the club proposes to sell Boundary Park for social housing and relocate to a 30-acre site in Failsworth.
