Oldham Athletic owner Abdallah Lemsagam has agreed to sell the financially-stricken club after coming to an agreement with the landlords of Boundary Park.
Lemsagam is deeply unpopular at Oldham having overseen two relegations in his four year reign, including this year's plummet to non-league for the first time in the club's history. A series of off-field problems, controversies and fan protests have marred his time at the club, and the Moroccan said in January that he would look to sell Latics and find a new buyer.
However, a long-running dispute with the Boundary Park landlords over who owns the stadium and its newest stand, the Joe Royle Stand, appeared to delay any sale — until the club confirmed in a statement that both parties have come together and found a buyer who could take over in as soon as a month.
Boundary Park is currently owned by Brass Bank Ltd, a company of former co-owner Simon Blitz. Now, the club said Lemsagam and Blitz have both 'made significant compromises' to enable the sale of the club and stadium to be 'consolidated under one single ownership.'
The statement said: "Both parties have been true to their word with a genuine willingness to sell. Oldham Council have been notified of the process the whole time and have been very supportive in helping bring all parties together.
"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 identity of the business will be made public on completion of the Share Purchase Agreements and the Owners and Directors Test approval. Target completion of the purchase is less than four weeks."
Leader of Oldham Council, Cllr Amanda Chadderton, said: “We are delighted to hear the news of a new ownership for Oldham Athletic Football Club.
“This is really good news for the club, its supporters, and the whole borough after the despair and heartache of recent years. We’re looking forward to working with the new owner and understanding more about their plans to take the club forward.
“No one has to tell them they have a big job on their hands, but I’m sure they can’t wait to get started as, like us at the council, they want the best for the residents and fans.
“The club have our full support and we wish them well for the coming season. We all want to see Latics back in the football league - it’ll give the whole town a boost.”
Oldham will kick off a first season in the National League in August, with manager John Sheridan staying on for the season — after failing to keep them in League Two last year when he returned in January for a fifth spell in charge.
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