BusinessBusiness RecoveryOldham Athletic faces closure

Oldham Athletic faces closure

Embattled football club Oldham Athletic is facing closure within six days after its administrators were unable to find a buyer before the 30 September deadline.

Link: Football league adopts new administration rules

PKF, the administrators of the troubled third division club said today they would close the club ‘on or shortly after 6 October’ unless one of the interested parties provide them with the funds necessary to run the club in October.

Joint administrator Jon Newell said: ‘We do not have the finance to meet the running costs for the month of October and we will not be allowing the club to create liabilities which it cannot meet. If nothing happens by Monday, the club will have to close.’

Newell told Accountancy Age the administrators have been running the club with the money Oldham obtained from the sale of players prior to the administration.

‘We have told all interested parties that they will be expected to provide the administrators with sufficient funding to meet the running costs of the club for the month of October. Any party providing such funding will be granted a period of exclusivity during which they will be able to complete their enquiries and, hopefully, complete their acquisition of the football club.’

The administrator insisted that the interested parties are making serious offers but they released the statement to ‘make sure that people are in no illusion’ that they cannot continue to run the club.

‘They are serious and working hard to raise the money, which suggests they are having to raise the money instead of paying for it themselves and are waiting for the funding to come through.’

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