After some months in Administration (near-bankruptcy) on 3 February 2004 a group of new backers bought the club, forming a new company Oldham Athletic (2004) Association Football Club Ltd, which will hopefully be on a sounder financial footing than the old company.

The current caretaker manager is John Sheridan, he still plays for the club, mainly because of the small squad size. In 2003, the previous manager, Iain Dowie left to join Crystal Palace following a successful period in which he guided Oldham into the Division Two play-offs.