A YEAR on from stepping down as Oxford United chairman, Ian Lenagan is convinced he did the right thing in selling a controlling stake to Darryl Eales.

The takeover was announced exactly 12 months today in a press conference at the Kassam Stadium, ending an intense period of speculation about the club’s future.

During his time in charge Lenagan had received several approaches from interested investors, but felt Eales and Mark Ashton, who became chief executive, were different.

Looking back, the 69-year-old had confidence in the move, although it did not make the decision any easier.

“It was obviously quite emotional from my viewpoint,” he said.

“It was a big event in terms of handing over control of the club to somebody else.

“But I have to say at the time I was very confident in Darryl and in his management team around him, for three reasons.

“He was extremely credible from a business viewpoint.

“I knew the company he worked for and secondly, he clearly had the money, which is an important part of the whole scenario.

“Thirdly, he was exactly the right type of person.

“I had a great love and enjoyment of what I was doing and he was the first person that I’d met who had that as well.

“I wouldn’t have sold Oxford to somebody who wasn’t credible and wasn’t of the right style.

“I think the last 12 months have proven that judgement was correct.”

The only time since then the former chairman has had concerns was around the turn of the year, when the U’s were sitting uncomfortably close to the Sky Bet League Two relegation zone.

Lenagan said: “We were all worried and nervous about that.

“I think Michael Appleton is a good manager, he had to adjust to League Two rather than some of the higher reaches he had been in, but the last ten games showed it really.

“I think some of the signings that have been made since show the club is in very good hands.”

Despite the takeover, Lenagan remains on the board and has a role in the ongoing project looking into solving the club’s long-term stadium issues.

The lower profile has suited him, for a variety of reasons.

He said: “I put £8m into Oxford over an eight-year period.

“There was a degree of angst about writing cheques at that sort of level, but if I hadn’t have done that Oxford wouldn’t have survived, it’s as simple as that.

“One of the advantages to me is I don’t have to keep propping the club up financially and the other one is I have the pleasure of watching games.

“It’s a completely different scenario when you are there, albeit as a director, you can actually enjoy a game.”