THE leader of the consortium that have signed a contract to buy Oxford United says there will initially be a modest amount of money made available to manager Malcolm Shotton for new players.

John Gunn, of London financial consultants John Duncan and Co, said: "The working capital that we have been asked for has been promised and we are committed to that.

"In the first year, modest amounts will be made available to the manager.

"The aim will be to secure the site and to be able to build out the site, so that we have a decent stadium, and secondly to create the units around it which will throw up a profit, which will then be able to be ploughed back into the club."

Gunn told the Oxford Mail that the deal depends on his group obtaining permission to develop land adjoining the half-built stadium.

He said: "Let's face it, Oxford United is not viable at the moment. We are not in the business of forking out £2m a year to keep it afloat.

"But if we develop the leisure and employment areas adjoining the stadium, we believe we can put together a package to complete the stadium."

He added that the consortium accepted that they would have to pay the market rate for the nine acres of prime development land, now owned by Oxford City Council, part of which already has outline planning permission for a hotel.

However, he said the entire site was blighted at present as a commercial proposition by the concrete piles of the half-built stadium.

He said: "They would act as a disincentive for any developer not interested in completing the stadium."

He added: "We are keen to work in close co-operation with the city council and to a very tight schedule."

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