More financial problems at Boundary Park
Last updated : 14 June 2003 By The Chairman
A breakdown in terms has put a spanner in the works as a wealthy investor is becoming increasingly worried about the depth of the financial crisis at Boundary Park. One spokesman sai, “I wouldn’t call it stalemate, but there is definitely a stumbling block between them. The investors are looking at Oldham’s finances and discovering more and more liabilities. Talks are ongoing with Chris Moore, but it’s obviously an area for concern which needs to be sorted out. Moving forward is proving difficult, although the investors are still very keen to get involved with the club. They have been heartened by Oldham’s staff, who are doing everything they can in extremely difficult circumstances.
The marketing manager (Sean Jarvis), the accountant (Neil Joy) and the manager (Iain Dowie) are all trying to get things moving as quickly as possible.” The investors want Mr Moore to cut his 95-per-cent stake and therefore reduce his financial commitment to the club. The accounts expert brought in to advise has said, “The club must raise new money or, inevitably, it will go out of business. There’s no deadline, but the company has a big cash outgoing due before the end of the month (its wages) and decisions have to be taken. Creditors aren’t being paid and anybody owed money can obviously serve a writ. They must look to their own position, but they can put the club into compulsory winding up.”
The Starline scheme which generates vital summer income has also been put on hold, a devastating statistic for members of the LSC who recently invested in another 13 week commitment only to have the plug pulled after 4 weeks. They can’t pay any prize money and would be in danger of adding Starline winners to their list of creditors. Agents are asked to stop collecting, but Athletic are unable to write to them with the request – incredibly, the club can’t pay postage.
Iain Dowie commented, “For me it's a nightmare scenario because all our preparedness and we were very prepared, we've done lots of good things for next year, we'll be better organised, better disciplined, better in terms of fitness
because of the regime we'll set up, all that could fall into the sea because, one, the players haven't signed, that I want to and two, we don't even know if we can sign on any young kids. We've got 3 or 4 young lads who are the future of
the club who are in limbo at the moment because they haven't signed their contract yet. One of those, Marc Tierney, I've got the opportunity to send to Vancouver Whitecaps. One of the lads has been offered a longer deal (elsewhere) than I am prepared to offer him and he still wants to stay here and he made the expression 'I want to learn, I believe we've got something special here' and that's lovely and you want to be able to reward that loyalty but I would think if it starts to get to another week and the end of June, people will have to realise they've got to look after their families and not worry about Iain Dowie or Oldham Athletic and that would be a travesty, all that we've built would certainly crumble into the sea.”
