OLDHAM ATHLETIC GO INTO ADMINISTRATION.

[Diego_Sideburns]

To help those who do not know the finer details of the Administration saga, I'm setting out below extracts from the Wikipedia web site on the history of Latics:

 

"The Chris Moore era: 2001 to 2003

 

During the 2001 close season, local businessman Chris Moore purchased Oldham Athletic, with the promise of providing Premiership football within the next five years.

 

After a whirlwind start to the 2001-02 season, the Latics lost three consecutive matches, and manager Andy Ritchie was surprisingly sacked after guiding the Latics to 1st in the League. The way in which the hugely popular Ritchie was treated upset many fans at the time. Ritchie's replacement was Mick Wadsworth, a nomadic manager, and several Chris Moore funded big money signings followed. The result was a disappointing ninth placed finish at the end of the season, although there were high hopes for the following campaign. Wadsworth was also sacked however, and was replaced by his assistant Iain Dowie.

 

Dowie's expensive side began the 2002-03 season with a narrow home defeat to Cardiff City but recovered well to lose only seven more games for the rest of the season, just two of them away games. The Latics narrowly missed out on automatic promotion, gaining 82 points from their 46 league games to gain entry into the end of season play-offs. The play-off campaign ended in heartbreaking disappointment for Oldham, with Queens Park Rangers winning a tense battle with a late goal at their Loftus Road ground.

 

Worse was to come for the club, with chairman Chris Moore deciding to end his interest in the club - leaving behind large debts and a decimated playing squad, much to the anger of fans.

 

 

2003: Financial rescue

 

The 2003-04 season began with Oldham fans not knowing whether their club would be able to complete the season due to financial problems, and a distinct threat of relegation due to the loss of several of the previous season's key players.

 

The club were forced into administration during the October of 2003 and things started to look extremely bleak for the club as the financial crisis worsened, and no saviour could be found. The club found its way into the ownership of Marketing Manager Sean Jarvis and club accountant Neil Joy who purchased the club for £1 in an effort to keep the club running.

 

PR was personified at Boundary Park as Peter Ridsdale threw his hat into the ring as a potential saviour but did not endear himself to Latics fans after claiming that the club was beyond being saved. A short period after this set-back, several suitors then evolved, one a Norwegian consortium led by Vidar Fossdal who came very close to 'buying' the club. Despair set in when it came to light in the eleventh hour that the group were in-fact cruel hoaxers and had no real financial backing.

 

The club had only hours to live when an American consortium who had previously looked at Hull City and Huddersfield Town expressed an interest in the club. They agreed with the administrators to fund the £250,000 monthly deficit so they could conduct due diligence. Several months later it was announced that Danny Gazal, Simon Blitz and Simon Corney (aka the 'Three Amigos') would take ownership of the club and also purchase Boundary Park and the surrounding land.

 

One of the first steps taken by The Three Amigos was to sell 3% of the club for £200,000 to Trust Oldham, the supporters trust. In return for the investment, the Trust would hold an unconditional seat on the board of directors."

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Sean Jarvis told me that he was at his lowest ebb when the Norwegian Consortium proved to be a hoax. The Norwegians reached agreement on the purchase of the Club and then went with the Latics' representatives to the White Hart at Lydgate to toast their proposed purchase. Funds were to be transferred to the Club the following day. When the funds didn't appear, it gradually dawned that the Norwegians were hoaxers. Everyone involved was devastated!

 

Iain Dowie paid for the flights for the tour of Northern Ireland. An anonymous donor paid the other expenses of the tour - he was rumoured to be someone who wears a red shirt when working!

 

News of the Norwegian hoax was phoned from BP to the hotel in Northern Ireland where the squad were in their rooms resting, prior to playing a match. The call was received by Carl Marsden (now of the Advertiser fame), and he had to break that news to Iain Dowie. It was so devastating, because at the time there appeared to be nobody else likely to buy the Club.As they say, the rest is history.

 

When the resolution was passed at the Creditors' meeting to waive all debts except those owed to the Inland revenue and HM Customs & Excise, it meant that those supporters who had paid up front for season tickets could have had to pay for them all over again. However TTA honoured the STs, even though they had not received the money.

 

Let's hope that TTA are one day rewarded by the Club becoming viable.