I'm a bit late to this having spent the whole of yesterday working in a cocoon and the whole of day out and about, but Firoz Kassam has sold Oxford United FC for £2 million and he's sold it to Oxford man – who now lives in the US – Nick Merry .
And Merry has brought back Jim Smith, who was the man who put Oxford United into the First Division.
Thank christ for that.
Firoz Kassam is a very rich man who made his fortune as a slum landlord but who now owns a string of grand hotels and, according to news that he leaked to coincide with the sale, is looking to install Oxford's first casino, but he has been a nightmare for the club.
He saved the club in 2001 by paying £1 for it (and took on £15m debt) and promised massive investment, but it never appeared. Even worse, Kassam's ego consistently intervened and he fired manager after manager after manager – every time because they clashed with him and his club.
I have only been supporting Oxford United for two years, having moved very close to the Kassam Stadium in 2004, and I consistently kept my trap shut about Kassam because all the lifelong fans were behind him in gratitude. But with no money coming in, and Kassam screwing the team up when we were due to go up to the First Division by firing the manager when he heard he'd accepted a job elsewhere, and then screwing the team up again. And then doing it again. To the extent that Oxford is now almost facing relegation, has been too much for fans.
It's a great day for Oxford United. And tomorrow, I hear, there's going to be a massive homecoming at the stadium – which, incidentally, will still be called the Kassam Stadium for the meantime because Kassam has refused to sell it. I am convinced it's because it appeals to his ego to have a stadium named after him.
The thing you need to know about the Kassam Stadium is that it only has three stands, and as a result, when it's windy, the stadium acts as a massive wind-tunnel and playing football becomes comical. The Kassam Stadium was always missing that vital final piece – a perfect analogy for Kassam's chairmanship.
Here is the statement put out by new chairman Nick Merry (nicked off the official Oxford FC website):
We are pleased to announce with effect from 21st March 2006 the acquisition of the whole of the 89% shareholding in Oxford United Football Club Limited, previously held by the Firoka Group of Companies.
The total consideration paid for the transaction was just over 2 million pounds and included First Refusal pre-emption rights for the future acquisition of the stadium and conference center.
The acquiring company is Woodstock Partners Limited which has two equal shareholders, Nick Merry and a Woodstock-based Private Investment Trust.Financing of Woodstock Partners Limited is shared equally between Nick Merry and the Private Investment Trust.Woodstock Partners Limited is the company which would also acquire the Stadium and Conference Center.
The delays in the acquisition resulted from the fact that Woodstock Partners Limited wished to buy both the club and stadium, but when this proved not to be possible at that time, the decision was taken to proceed with the acquisition of the club only with the benefit of a First Refusal option on the stadium, rather than risk relegation to the Conference.
The relationship between Woodstock Partners Limited and Firoka's Senior Management and Directors, including Mr. Kassam, has developed positively through the negotiation and acquisition process.We are confident that this working relationship will be highly effective for Oxford United.
Having only taken control of the club today, it has not yet been possible to finalize the general management and Director structure until discussions have been completed with all involved staff.Directors of Oxford United Football Club Limited are Nick Merry, Jim Smith and currently in a transitional role Kelvin Thomas, with Nick Merry appointed as Chairman.
On the football management side, Jim Smith takes over with immediate effect as Manager and is finalizing discussions with his management and coaching team.Darren Patterson, for whom we have high regard, is part of those discussions.Jim Smith's role is as a full Director of the Club and, for so long as Jim wishes, the Manager.
One of Jim Smith's greatest strengths is his connections in the highest levels of football management and these skills are already in use in attracting loan players to Oxford United for the remainder of this season and beyond.Announcements will be made before Thursdays transfer deadline of progress in this area.
We are delighted as Oxfordshire-based people and fans of Oxford United to have acquired the club and urge fans and businesses to support the club both on the pitch and off the pitch starting with the home game against Peterborough on Saturday.A huge attendance would provide a collective boost for everyone concerned.
Nick Merry, Chairman, Oxford United.