Oldham Athletic FC avoids post-debt administration
Oldham Athletic FC say the administration avoided it after a debt was paid.
The League Two club announced this in a statement on its website this evening.
Latics said an agreement had been reached to repay a debt to former owners Brass Bank Limited.
As a result, the club said the trial was now over. No sums were given.
In March the club announced that it had reached a “general agreement” with Brass Bank, the owners of Boundary Park, to purchase the site and the surrounding land.
The deal is assumed to be underway and no further statement has been made.
The club emphasized at the time that the ownership had not changed.
The club was bought by former Moroccan soccer agent Abdallah Lemsagam in January 2018.
The unpaid debt case against Oldham is expected to go to court by the end of this month.
In the case of a placement in the administration, a point deduction could have been imposed.
A statement on the club’s website tonight said: “The club is pleased to announce that it has entered into an agreement with Brass Bank Limited to settle its debt-secured debt.
“The Notes have been removed from Companies House and the legal process is now closed.”
At the beginning of this week, the majority of League Two clubs voted to officially end the 2019/20 season due to the Covid 19 pandemic.
It meant Swindon Town was confirmed as champions, with Crewe Alexandra and Plymouth Argyle also advancing to League One.
Latics finished in 19th place.
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