IT WILL be “business as usual” at Oxford City Football Club despite a former director facing fraud charges, according to the club.

The club announced in a statement on Saturday night that Thomas Guerriero had resigned as a director last week due to ill-health.

The statement came a day after the US Department of Justice said Mr Guerriero had been charged in the United States over his alleged role in a $6.6m fraud.

Parallel civil charges have been brought against Mr Guerriero by the Securities and Exchange Commission and his US company – Oxford City Football Club Inc – which has had its assests frozen.

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Oxford City’s managing director Colin Taylor told the Oxford Mail the charges would not have an impact on the club’s day-to-day running. Mr Taylor said: “We are a very busy and diverse club with circa 50 teams of all ages and abilities so it will be business as usual for the everyday running of the club as the assets are held within the charity in which he had no involvement or position.

“We will lose a sponsorship source, but that happens all the time in football where there is always emphasis on identifying new income streams.”

Mr Guerriero’s American company, Oxford City Football Inc, has a 49 per cent stake in the club – which trades as Oxford City (Trading) Ltd – while the 39-year-old holds a further one per cent personally. It is unclear what will happen to those shares. The remaining 50 per cent stake is held by the Oxford City Charitable Company and Mr Taylor was keen to stress that it held the club’s assets.

The managing director said that the Marsh Lane-based club had no influence over Mr Guerriero’s company.

He said: “We clearly would not condone any form of malpractice, in any way, but obviously the club had no knowledge or control of what went on in a separate legal entity the other side of the world. He became a director of the club which was fully approved by the Football Association in compliance with their ‘fit and proper person’s test procedure.” Last night, the FA had not responded to the Oxford Mail’s requests for a comment.

Mr Taylor also said that no money from the club had gone into Mr Guerriero’s ventures in America.

On the pitch, the team currently sit third in Vanarama National League South – two tiers below the Football League. On Saturday, they progressed to the second round of the FA Trophy with a 3-1 win at home against Ebbsfleet.