Lenagan family leave the U's after ten years as Eales increases shareholding
Oxford United chairman Darryl Eales today strengthened his commitment to the club by increasing his shareholding.
Darryl, Chairman since 2014, today purchased the balance of former United owner Ian Lenagan's shares, with Ian stepping down from the Board with immediate effect.
Ian, who has been involved with the U's since 2006, will step up this summer to become Chairman of the Football League and as a result must end his decade long involvement with the club.
Darryl now owns 84% of the shares, with Director Peter Lee continuing to hold 5%. The balance of 11% is held by around 500 small shareholders.
Darryl said:
"The last two seasons have been a wonderful experience, especially the last 18 months. I am very proud to be Chairman of this football club and I believe the bond between the Board, the coaching staff and the fans is an important factor in our success. I am delighted to increase my stake in the club, allowing Ian to take up his new post.
"I'd like to congratulate Ian on his appointment and wish him well for the future. Oxford United have benefitted enormously from his experience, his planning and his financial support over the last ten years and on a personal level I'd like to thank him for his friendship and help over the last two years.
"He was the owner when the club regained its place in the Football League in 2010 but perhaps his greatest legacy will be his unshakeable belief in the need for a flourishing Youth Development system, something he is rightly very proud of and we are determined to build on.
"His new role has led to the purchase of his shares a little earlier than we had originally planned but, as we approach our first League 1 campaign for many years, I think we can look forward with justifiable optimism and confidence"
Ian said:
"I have no choice but to divest my shares in Oxford United in order to take up the position as independent Chairman of the Football League for the next 3 years. However, I do it with delight firstly to see Oxford United promoted to League 1 and, secondly, to see Darryl Eales acquire the shares.
"This shows Darryl's increased investment in and commitment to Oxford United whilst ending with emotion 10 years of formal Lenagan family involvement in Oxford United.
"Both my sons and I look forward to continuing to support the club and Darryl whenever possible."