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Stands open next season.


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30 minutes ago, tGWB said:

 

In 2003, Blitz Gazal Corney paid £7m for the football club. the stadium, the land the stadium and the surrounding land

 

  • Oldham Athletic 2004 Ltd was formed with Blitz Gazal and Corney as Directors
  • The stadium, the land it sits on and surrounding land were made assets of a separate company, Brassbank Ltd (Blitz & Gazal)

In 2010, Blitz and Gazal resigned as Directors of Oldham Athletic 2004 Ltd saying " I have found it a constant battle and uphill struggle more recently and I don't feel that I am able to give the clubs supporters the contribution they are looking for in the future"

"Simon Corney will take over the reins as Chairman and I know that, along with Alan Hardy, Ian Hill and Barry Owen, they will be working hard to ensure the club can move forward"

 

In 2015 the North Stand was finally opened at a build cost of £6.5m, some £2m over the original budget. The build cost had a £700k Grant and £1.6m of Council Funds. 

The North Stand is owned by Brassbank Ltd (Blitz & Gazal)

 

In January 2018, Abdallah Lemsagam became the majority shareholder of the company Oldham Athletic 2004 Ltd, taking over the 97% shares owned by Simon Corney, with the Trust retaining the other 3%.

This meant that the running of the club would be reliant on him as the owner, being responsible for any ongoing liabilities, debt and future investment at the club

Abdallah Lemsagam did not buy the stadium, the land it sits on or any surrounding land 

 

My personal view, without any insider information is that:

 

  • Blitz and Gazal must have tried over the last 20 years to rid themselves of their attachment with the club, without success
  • The physical assets they originally purchased for £7m must have massively depreciated in value especially with the club having fallen out of the Football League. The stands will have depreciated on their accounts and that's before we take into account the monies needed to bring them up to a decent standard after years of poor maintenance
  • The land will have increased in value but is fairly useless to them  with a football stadium sat on it, further complicated by a difficult owner of the football club
  • The original £6.5m build cost of the North Stand will have depreciated in value on the books and additionally by the clubs fall out of the Football League, but not to the degree of the rest of the stadium
  • Average crowds in the National Conference will reduce fairly dramatically which obviously restricts the opportunity to improve our future on the pitch, with supporter revenue, sponsorship, tv monies etc all being significantly down, even compared to the last two years
  • A recent published accounts for Oldham Athletic 2004 Ltd showed debts at the club of c£5m. The debt was not broken down but I suspect maybe £2m+ could well be monies Abdallah Lemsagam has put into the club which has been converted to loans
  • In most business acquisitions the assets of the purchase and revenue streams are considered along with the opportunity to grow the business. Its not unusual to pay the seller for a perceived value in the business of "goodwill" which is depreciated on the books going forward. You would need to be a genius to tackle that one at Latics

All in all, with the likely expectations of all parties tangled up in our club, I am not surprised at all that we haven't been able to find a good owner

 

Those are all the 'headlines' but as you know there are good few other issues running that further muddy the waters 

 

Its a right mess 

 

 

 

 

I'm not sure why you thought my point that Brassbank own the stadium and surrounding land is incorrect?

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13 hours ago, BP1960 said:

 

I don't think I'm the only one confused by who owns what at this club.

Break it down for me listing all the parties concerned.

 

 

6 hours ago, Dave_Og said:

Brassbank own the ground and all surrounding land. Simple as that. 


Just thought a more detailed response might help BP and some other OWTB forum readers

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10 minutes ago, tGWB said:

 


Just thought a more detailed response might help BP and some other OWTB forum readers

I agree.  Thing is though the f acts really aren't complex at all.  AL owns club, BB owns the rest.  The ramifications have many complexities

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5 hours ago, Dave_Og said:

I agree.  Thing is though the f acts really aren't complex at all.  AL owns club, BB owns the rest.  The ramifications have many complexities

 

So all a new investor has to do is pay AL for the goodwill and Brassbank for the ground and land..or pay off AL and rent the stadium?

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Noticed last week that Wrexham don't have all four of their stands open and I'm absolutely certain that Chesterfield haven't always had behind the goal (away end) open whilst they've been in the NL. So maybe it's not as crazy an idea as it seems...

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4 minutes ago, Lee Sinnott said:

Noticed last week that Wrexham don't have all four of their stands open and I'm absolutely certain that Chesterfield haven't always had behind the goal (away end) open whilst they've been in the NL. So maybe it's not as crazy an idea as it seems...

Think Wrexham’s terraced stand has been closed for years due to it being condemned. 

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If the things you are all saying about the facilities (or lack thereof) in the stands that will be open are true (and I don't doubt that they are), that really is something to kick up a stink about with both the National League and the local council.

 

These statements are really quite disturbing, in their way. It is vaguely reminiscent of Hitler moving around imaginary armies in early 1945 as the Russians** closed in on Berlin.

 

**Matt Deanski doesn't  look very Russian though.

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Will just copy and paste my tweet.

 

I actually get closing a stand due to predicted attendances. But to close the NS when there are two other stands practically falling apart shows what a pathetic agenda-driven decision this is. Shameful...

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