Takeover of Oldham Athletic FC could be completed within a month

Oldham Athletic FC (courtesy OAFC)

A deal has been agreed with an unnamed local businessman to buy Oldham Athletic FC.

Owner Abdallah Lemsagam and former owner Simon Blitz said they had reached a compromise to enable the sale of the club, and the Boundary Park stadium, to be consolidated under one single ownership.

The two parties were involved in legal action over the ownership of the one of the stadium’s stands.

A statement from the club said: “Both parties have been true to their word with a genuine willingness to sell.”

They said Oldham Council has been notified of the process and has “been very supportive in helping bring all parties together”.

The club statement said heads of terms are agreed and funds are in place for the purchase of both Oldham Athletic Football Club and Brass Bank Limited – the owners of Boundary Park Stadium and surrounding land.

The buyer is not a consortium but a longstanding successful local business.

The club said the identity of the business will be made public on completion of the share purchase agreements and the owners and directors test approval by league authorities.

They hope the purchase can be completed in less than four weeks.

In the meantime, the club said season ticket sales, all club sponsorship and commercial activity will be reopened once completion has taken place.

The club said the announcement is aimed to reduce speculation and provide long term certainty which will help the manager, John Sheridan, continue to build a competitive squad.

The club has been in turmoil, with fans staging protests against the current owner. Oldham dropped out of League Two last season, the first time it has been relegated from the top four divisions in its 115-year history.