Oxford United chairman Firoz Kassam has announced that he has sold the club, reports BBC Radio Oxford.
Kassam has announced that he has sold Oxford United
Kassam has been chairman for seven years, and has sold the League Two club to local businessman Nick Merry in a deal reportedly worth around £2m.
Merry heads a group which has lined up former U's boss Jim Smith, 65, for a return to the job - having managed them between 1982 and 1985.
"This is a very emotional day for me," Kassam explained in a statement.
"I feel very sad to be leaving, but I am pleased for the club and the fans that I have passed it on to footballing people rather than just anyone else.
"They now have an option to buy the stadium at an appropriate time, and discussions are ongoing.
"I've made sure that people who have previous association with the club, and who have the club's best interests at heart, take over the reins.
"When I arrived, the club was in a mess and I'm pleased to hand it over in a stable, clear situation, although our league position is far from ideal.
"I hope when things settle, the fans will realise that I always did my best to look after the club and to do the right thing."