Oxford United's former managing director Keith Cox here gives the reasons behind his dramatic resignation from the troubled club.

I write in response to an item published in The Mail on Sunday for January 31.

Under the heading "United Chief is wanted in huge fraud inquiry" The Mail on Sunday makes reference to a $100 million land deal and an indictment issued in September 1991 in which I was named.

It also states that I am facing an investigation by the Law Society believed to centre on "a disastrous land deal" which has left Oxford United with a half-built stadium.

The point concerning the Law Society investigations is easily dealt with since on January 22 the Office for the Supervision of Solicitors wrote to Mr Wells (Les Wells, who owns land next to United's half-built stadium) whom The Mail on Sunday named as the complainant to tell him that they had found no case to answer and that they were closing their file. This aspect of his story was not put to me by Mr Fielding (Nick Fielding, Mail on Sunday reporter) when I spoke to him on Saturday afternoon. No doubt if it had been he would not have written as he did.

Turning to the more serious matter of the US criminal case I would like to provide a little background inform- ation. During the mid to late 1980s I and my firm acted for prominent Middle Eastern businessmen who were making investments into the United States. They invested in the land deal referred to in the article and in some cases formed new companies for the purpose.

I served as a director of some of those companies and arranged for others to serve.

Those businessmen funded a very large deposit paid to the Paper Company which owned the land. They did so in the hope of making a substantial profit.

Mr Fielding omits to say that the deal referred to in the article was done in 1986 some 13 years ago. Since then a number of principals and others involved have died. The indictments dated from 1991 and as well as naming me named a number of other lawyers, accountants, real estate agents, title company officials, bankers and others acting on the transaction. At all times I was acting for clients. On legal advice I have not travelled to the US since 1991 and it is likely that the warrant to which Mr Fielding refers was issued at the time of the original trial of the other defendants at which some were acquitted. Since that trial took place all those who were convicted here have had their convictions overturned in rulings critical of the procedures adopted by the US Attorney's office.

Since 1992 I have had a high profile. It is not that I have not been concerned about events in Florida rather that the advice I had received was that the defendants would be cleared. As of today that is the case although you have to read all of Mr Fielding's piece to realise this.

I have not applied to have the warrant rescinded although following this publicity I may now seek to do so. I am sure you recognise the principle that people - even people running football clubs - are innocent unless proven guilty the more so when their fellow defendants have all either been acquitted or had their convictions reversed on appeal.

It may be that Mr Glaser (spokesman for the US Attorney's Office in Florida) who is quoted as saying 'this matter is not over by a long way' is right but these are events dating back 13 years so perhaps it ought to be.

Given the standing of the case and the fact that these events have not been publicised in the seven-and-a-half years which have passed, I must conclude that it is my involvement in public life and in particular with Oxford United which have led to this story being written.

The reference to the Law Society and calls I have had from people in the media lead me to conclude that Mr Fielding had "help" from Tim Midgley (a former Oxford United director) in writing his story. I do not blame Mr Fielding the story is "too good" to ignore if it relates to a "United Chief" rather than a lawyer in practice. This brings me to the conclusions I have reached.

Firstly I do not think it is fair to my family to continue in this job given the toll it has taken on our lives. Secondly, although my resignation is in no sense an acknowledgement of wrongdoing it may not be credible for me to represent the Club in some very delicate negotiations in coming weeks with the tag of a man "wanted in a fraud inquiry".

Thirdly these circumstances should not deflect from the very real threat which exists to the Club's continued existence. Agreements with Oxford City Council will be required if the Club is to survive. Such agreements may not be possible if I remain as Managing Director.

I have delayed my decision and the announcement of my resignation until I was sure that today's other announcement could be made.

I wish the Club good fortune it will need to survive and trust that with me gone from office the campaign waged by some to undermine its very existence can now come to an end.

Story date: Wednesday 03 February

Converted for the new archive on 30 June 2000. Some images and formatting may have been lost in the conversion.