US-based businessmen bail out Oldham
Three British businessmen based in New York have paid £5m to buy Oldham Athletic Football Club, saving it from bankruptcy.
Link: Oldham faces wind-up
Oldham is one of the oldest clubs in the football league and is also one of the founders of the Premier League.
The club went into administration last year, with Jon Newell and Phillip Long, from PKF, appointed advisers to the cash-strapped club.
According to the administrators, the businessmen had a lifelong ambition to own a football club, and have given Oldham Council an undertaking that it will maintain a club in the town for at least 10 years.
Oldham Council has recouped its investment in the club.