Trust Oldham was formed in the summer of 2003 by Alex Metcalfe and John Connolly, two lifelong Oldham Athletic A.F.C. fans. The trust was initially setup with the intention of creating a financial fund to help Oldham Athletic with the financial troubles it was experiencing after the departure of chairman Chris Moore.
Trust Oldham is a member of Supporters Direct, a government initiative, funded by public money, with offices in London and Glasgow, whose aim is to help people "who wish to play a responsible part in the life of the football club they support" and who offer support, advice and information to groups of football supporters.
With around £250,000 raised, Trust Oldham entered into discussions with Danny Gazal, Simon Blitz and Simon Corney in an attempt to purchase a shareholding in Oldham Athletic. Based on the total costs incurred by the 'three amigos' in their takeover of the club, it was decided that a 3% stake in the club would be purchased for £200,000.
In return the Trust would get an unconditional seat on the Board of Directors. This person was decided this post would be held by the Chairman of the Trust. Therefore, the position was first held by Barry Owen - the position did not go to the first chairman, Peter Heginbotham as he resigned from the position upon completion of the deal and remains on the board as Legal Advisor.