Takeover on track

Last updated : 10 December 2003 By Dave Moore

The takeover of Athletic seems to be on track after the sale of Boundary Park has been approved and the new investors should move in soon. After a meeting with the FA, administrator Jon Newell said, “We have kept the league fully updated and I don’t see any reason why things should be held up beyond January.” After their £4.6million land deal is rubber stamped by OPP, both football and rugby will be played at Boundary Park and will guarantee that
Athletic will have a home for at least another 10 years.

Creditors are expected to be called to a meeting early next month as the club owe almost £3 million after the Chris Moore era. Permission is needed to enter a Company Voluntary Arrangement (CVA) which would allow them to write off most of their debts. Mr. Newell added, “Three issues – the OPP agreement, the share capital and the CVA – have to be unconditional for Oldham Athletic to be confirmed as a league club. The first two are well down the road. Creditors need 14 days’ notice for a meeting and we hope to send out letters some time next week.”