Shareholders still backing Oldham Athletic after losses fall to £414,000

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Simon Corney

9:17 am, November 10, 2009
Shareholders still backing Oldham Athletic after losses fall to £414,000

By Richard Morris

The shareholders of Oldham Athletic have pledged at least another year's backing for the club after its debts rose to more than £3m.

Abbreviated accounts filed at Companies House show that Oldham Athletic (2004) Association Football Club Ltd had net liabilities of £3.1m in the year to December 31, 2008, up from £2.7m in the previous year.

Debts due after more than one year climbed 148 per cent from £145,000 to £359,000.

The club incurred net losses of £414,000 during 2008, an improvement on the £537,000 loss made in 2007.

A statement in the accounts read: “The company is dependent on its shareholders for financial support which the directors are confident will continue for a period of at least another 12 months.”

Simon Corney, Oldham Athletic's co-owner, told Crain's in August the club had turned over around £5m in 2008. He also said he was anxious to sell off the club's current home, Boundary Park, to housing developers to enable the League One club to build a new £20m stadium on a site in Failsworth.

Corney said he believes the inclusion of restaurants, bars, conference and banqueting facilities and community facilities at a new stadium will help the club to become self-sufficient and help boost average attendances.

Corney, Simon Blitz and Daniel Gazal, who are from London but made their fortunes in New York with mobile phone company Cellular Network Communications Group, bought a 97 per cent stake in the League One club in 2004.

Comments?rmorris@crain.com