Both Oldham and their Boundary Park stadium are set to be sold to a single new owner within the next month, the club have announced.
Current club owner Abdallah Lemsagam and Simon Blitz, whose company Brass Bank Ltd owns the stadium, have agreed to make “significant compromises” to enable the sale of both entities.
An agreement has been reached with a “longstanding successful local business” and it is hoped the purchases can be completed in “less than four weeks”.
A statement from the club, who were relegated from the English Football League last season, read: “Abdallah Lemsagam and Simon Blitz have agreed to make significant compromises to enable the sale of Oldham Athletic Football Club and Boundary Park Stadium to be consolidated under one single ownership.
“Heads of Terms are agreed and funds are in place for the purchase of both Oldham Athletic Football Club and Brass Bank Limited – the owners of Boundary Park Stadium and surrounding land.
“The buyer is not a consortium but a longstanding successful local business. Target completion of the purchase is less than four weeks.”
The statement added that the identity of the buyer would be made public on completion of share purchase agreements and the owners and directors test.
Lemsagam had been involved in a long-running dispute with landlords Brass Bank. The club have also suffered two relegations since the Moroccan businessman purchased the club in 2018.
“This announcement is aimed to reduce speculation and provide long-term certainty which will help (manager) John Sheridan continue to build a competitive squad,” the statement added.
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