Abdallah Lemsagam: Oldham Athletic takeover completed by Moroccan football agent
Abdallah Lemsagam's takeover of League One side Oldham Athletic from Simon Corney has been approved and ratified by the English Football League.
The Moroccan football agent agreed a deal with majority shareholder Corney, which ends his 14-year association with the Latics.
"This is a new challenge for me," Lemsagam said.
"I'm not a billionaire, I'm taking it step by step, I'm here to work hard for the club, with the coach and everyone."
Corney bought the club along with Danny Gazal and Simon Blitz in 2004, saving the club from potential liquidation.
Gazal and Blitz left in 2010, with Corney staying as majority shareholder.
Oldham's statement said: "Mr Corney believes that in Mr Lemsagam he has found the right man to take the club forward and one who has the resources, skills and contacts to do so."
Lemsagam has been at a number of Oldham games so far this season, seeing a side placed 22nd in League One and two points away from safety with 29 of 46 league games played.
"The immediate priority is to go step-by-step in the league," he added. The first focus is football-wise.
"We're not dishing out cash left and right. We're here to do good work for the future. I don't want to promise to say I can do things straight away.
"I am happy to be here, I think I can do something good, it was my dream to be president of a club and now it's come true."
Lemsagam's Sport 2JLT company has represented players including former Portsmouth and AC Milan midfielder Sulley Muntari and striker Afonso Alves, who was at Middlesbrough.