ANOTHER chapter in Oxford United's turbulent history closed yesterday when managing director Keith Cox confirmed his resignation after a six-hour board meeting following Mail on Sunday revelations that he is a wanted man in the United States.

Into the breach will step local solicitor Dave Bower, but a more significant development was the announcement that hotel owner Firoz Kassam is to be the club's prospective new owner.

Kassam, who owns two large Holiday Inns in central London, signed an agreement with Robin Herd on Monday night giving him an option to buy Herd's 89 per cent controlling shareholding.

The option period runs until March 31 and during the intervening period, Kassam wants to have arrived at an agreement with Oxford City Council on the extension of the land covered by the lease at Minchery Farm, and on development and planning issues, before completing the purchase. As a sign of what United described as "very considerable faith", Kassam is meeting some of the club's working capital needs with immediately. He has poured in £500,000 already and will pump in another £500,000 as a commitment to keep the club afloat until March 31.

"The Board see this as an enormously encouraging development but must caution that without an agreement with the council, Mr Kassam will not complete the purchase," said the statement from Oxford United.

"Should agreement with the council prove possible, then it is likely that the club's proposed move to Minchery Farm can be accomplished."

Cox who, it was revealed at the weekend, is a fugitive from justice in the United States after being named in an indictment over alleged fraud and money-laundering, said he was stepping down partly because he appreciated that agreements with Oxford City Council will be required if the club is to survive, and such agreements may not be possible if he remains as managing director.

Kassam has a big interest in Oxford United even though he only watched them for the first time last Monday in their first clash with Chelsea at the Manor Ground.

But he will be at Stamford Bridge tonight to see them again.

"I haven't yet met Malcolm Shotton but that's something I would like to do soon," he said.

Bower, a partner in the law firm Bower and Bailey, will try to manage the business affairs of the club in the short term, it is understood.

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.