Firoz Kassam has told Oxford United's shareholders: "I'm going nowhere".

The club's chairman told the 54th annual meeting yesterday (Mar 18) that he had no intention of leaving and the football club was not for sale.

There had been speculation that the club's new management team -- including Argentine manager Ramon Diaz and his assistant from Monaco, Jean Marc Goiran -- would be getting involved in more than just running the team.

Mr Kassam said: "Discussions are continuing. I believe they are doing a good job, and if the right deal can be struck and it is in the interests of the club to keep them here, then I will try to do so.

"I have confidence in them and we need to get things concluded so that we can move forward and start thinking about next season."

But he dismissed speculation that he was selling the club.

"There may have been some wishful thinking from the media and supporters' group OxVox, but I am not leaving and the club is not for sale.

"My message is that I remain totally committed and will continue to look after the club to the best of my abilities.

"I am going to be here for a long time yet. When I make a commitment, I do not walk away from it."

Mr Kassam, who took over as Oxford United's owner in February 1999, has pledged not to leave until the team gets back to the first division, now known as the Coca-Cola Championship.

But with promotion this season now looking impossible, the U's will be playing in the Football League's bottom division again next season, for the fifth year running.

Mr Kassam also told shareholders at the 45-minute meeting that a deal over former manager Graham Rix should be reached within the next 48 hours.

Mr Rix, who was just months into a two-year contract, was sacked last November but has continued to be paid.

"Graham is still employed by the club, but is doing absolutely nothing," Kassam said.

"I hold my hands up and say that at the time of his appointment, I thought it was the right one for the club, but I am paying for that. It will cost money to put right."

OxVox secretary Trevor Lambert said: "We're happy that these talks have taken place. We see a great deal of benefit having Mr Kassam at the club in terms of managing the organisation and finances.

"OxVox has inaccurately been quoted as saying it would like to see Mr Kassam hand over control of the club. Of course, we want to see success on the field too."