Stoaty Ferret
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Oldham enter administration
Oldham have suffered major cash problems
Oldham's administrators have warned the club will fold if they do not find £1.2m by the end of September.
The cash-strapped Second Division side were placed into administration on Tuesday.
"Administration has been granted to allow the club a short period of time to put together a survival package," said Paul Ashworth, spokesman for administrators PKF.
"The club have got sufficient funds to take them through to the end of September, by which time we will know whether the club has a viable future.
"Whether they survive will depend on new investors coming forward, either individuals or on a consortium basis."
The Latics have existed on a week-to-week basis since former owner Chris Moore stopped bankrolling the club's weekly losses of £50,000 at the end of the season.
The Inland Revenue issued a winding up order on August 1 "in view of unpaid national insurance and PAYE".
And Ashworth added: "The club is looking for £1.2m to take them from the beginning of October through to the end of May next year.
"Someone needs to come in within four weeks really and show the colour of their money because it would take a further two weeks to put various things in place.
The club simply cannot afford to pay the players wages at the level they have been doing
Adminstrator Paul Ashworth
"A large chunk of that money is required immediately and the rest over the course of the next six to seven months.
"But new investors need to be in place before the end of September."
Manager Iain Dowie was forced to sell most of his best players during the close season.
His squad is now so stretched he was forced to recall John Sheridan, now a coach at Boundary Park, for the game at Sheffield Wednesday over the weekend.
In a public row with Moore during the summer, Dowie accused Moore of selling players behind his back in a bid to recoup as much money as possible before severing all ties.
Moore reluctantly sold his 95% shareholding to a group headed by the then commercial manager Sean Jarvis and financial director Neil Joy, who currently operate as club directors.
Two local businessmen pledged £50,000 each to the club and a further three have placed £25,000 each in an account.
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I was under the impression that clubs had to satisfy the league that they were on a sound financial footing before the start of the season
From Ghost Walker
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"It's early days yet and we're hopeful," said Ashworth. "But as well as the £1.2m to take the club through to the end of the season, there will be a further requirement for the following season.
"The largest expense for the club is the players' monthly salaries. The club simply cannot afford to pay the players wages at the level they have been doing.
"And that is why - to a large extent - they find themselves in this position today."
Sad to see Oldham in such a bad way. From a purely selfish point of view however does this mean we'd lose the points we got at Boundary Park
Oldham have suffered major cash problems
Oldham's administrators have warned the club will fold if they do not find £1.2m by the end of September.
The cash-strapped Second Division side were placed into administration on Tuesday.
"Administration has been granted to allow the club a short period of time to put together a survival package," said Paul Ashworth, spokesman for administrators PKF.
"The club have got sufficient funds to take them through to the end of September, by which time we will know whether the club has a viable future.
"Whether they survive will depend on new investors coming forward, either individuals or on a consortium basis."
The Latics have existed on a week-to-week basis since former owner Chris Moore stopped bankrolling the club's weekly losses of £50,000 at the end of the season.
The Inland Revenue issued a winding up order on August 1 "in view of unpaid national insurance and PAYE".
And Ashworth added: "The club is looking for £1.2m to take them from the beginning of October through to the end of May next year.
"Someone needs to come in within four weeks really and show the colour of their money because it would take a further two weeks to put various things in place.
The club simply cannot afford to pay the players wages at the level they have been doing
Adminstrator Paul Ashworth
"A large chunk of that money is required immediately and the rest over the course of the next six to seven months.
"But new investors need to be in place before the end of September."
Manager Iain Dowie was forced to sell most of his best players during the close season.
His squad is now so stretched he was forced to recall John Sheridan, now a coach at Boundary Park, for the game at Sheffield Wednesday over the weekend.
In a public row with Moore during the summer, Dowie accused Moore of selling players behind his back in a bid to recoup as much money as possible before severing all ties.
Moore reluctantly sold his 95% shareholding to a group headed by the then commercial manager Sean Jarvis and financial director Neil Joy, who currently operate as club directors.
Two local businessmen pledged £50,000 each to the club and a further three have placed £25,000 each in an account.
HAVE YOUR SAY
I was under the impression that clubs had to satisfy the league that they were on a sound financial footing before the start of the season
From Ghost Walker
Join the 606 debate
"It's early days yet and we're hopeful," said Ashworth. "But as well as the £1.2m to take the club through to the end of the season, there will be a further requirement for the following season.
"The largest expense for the club is the players' monthly salaries. The club simply cannot afford to pay the players wages at the level they have been doing.
"And that is why - to a large extent - they find themselves in this position today."
Sad to see Oldham in such a bad way. From a purely selfish point of view however does this mean we'd lose the points we got at Boundary Park