Revealed

A spokesman on Oxford United Clubcall revealed the developments in a press statement issued last night by London-based Bowlane Capital, who are representing a private company called Grenoble Investments Limited.

Grenoble are currently in discussions with former chairman Robin Herd - who holds an 89.5 per cent shareholding in the club - which may or may not result in the reorganisation of Oxford United Football Club and the completion of the new stadium at Minchery Farm, said the spokesman.

However, he added that currently the identities of the people involved with Grenoble Investments Limited are not being made clear, but they would be made clear in due course.

And Grenoble have admitted to being dismayed by comments made by local councillors this week who demanded to know the identity of the mystery buyers.

Quoting the press statement, the Cluball spokesman said: "Bowlane Capital wish to make clear the position of Grenoble Investments Limited. "Firstly, to complete the reorganisation of Oxford United and the construction of the new stadium will require several million pounds in risk funding.

"They also say because of the depth of the club's problems and the amount of risk funding required, Grenoble Investments does not wish personality to be identified until it is clear that the chance of reorganisation going forward are better than at present.

"They also say that Grenoble investors and advisers have read with some dismay the comments by the Oxford local press and quotations by local councillors, and that these discussions require a calm, professional and a discreet backdrop. Events of recent days suggest, regrettably, that this is not possible.

"Negotiations will continue despite media speculations and further details will be provided in due course."

Speaking on Clubcall after the 3-1 win over Panionios last night, United's managing director Keith Cox stressed the potential new owners' request for not being idenitified. He said: "What has disappointed them slightly is that they had agreed a way with the City Council of making them aware of who was involved, but without that yet becoming public knowledge.

"The reason they said this is that they are people who don't want high profile. They want to deliver what they say they can deliver in the right time, and only when everything is in place to proceed do they really want to go public with all the details."

And Cox admitted that the speculation had hindered the future of the new stadium.

"It is not helpful to that process to have to keep having discussions like this one," he told the interviewer.

"The point is ideally we would like to do what we hoped to be doing in a business like way, to get it done and then to make our announcements rather than being bounced into anything at a time when we appear to be being evasive.

"We are not being evasive. We are responding to someone's request that their involvement be kept on a discreet level until they are ready to make their own announcements. "

And he appealed to everyone to get behind the club. "We would like solidarity," he said. "We have had over 3,000 people here tonight to watch a pre-season friendly. Everyone has had a good evening. "There is a lot of goodwill behind the club and I greatly appreciate that and I hope everyone gets behind the club and respects the wish to learn what is going on in a business like way.

"As I say, since I have been involved on a day-to-day basis I have been trying to run the club in a business like manner.

"And to have to keep responding to things as if it is the Watergate scandal, or something like that, when really it is just buiness, is unsettling to say the least and not helpful to take the process forward."

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