Chairman Nick Merry today hailed outgoing boss Jim Smith as the reason Oxford United still exists and said the pair would remain "true friends".
Merry said: "It was a professional decision coming in to take over and a professional decision that we have just made.
"We are and will stay true friends.
"I don't think it is sad. We were at a point where it was a decision that will benefit everyone. Pressure at 67 is not always a good thing.
"I am sure he will still enjoy watching games from the stand.
"It was inevitable that he would retire at some point. This is a positive.
"Obviously he would have liked to have gone with a couple of wins, but without him I doubt whether Oxford United Football Club would be here. That's not stretching the statement too much."
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