Councillors are demanding to know the names of the money men behind a Bahamas-based company negotiating to buy the county's top football club.

Oxford City Council's director of property and leisure John Arnold told the strategy and resources committee that he was negotiating with a go-between who was acting for the Bahamas company, Grenoble Investments, which is in talks about buying Oxford United.

Mr Arnold told the Oxford Mail: "One of the conditions for going ahead with any deal involving council land is that we must be told who they are."

Mr Arnold also said a package, including the sale of council-owned land adjoining the stadium at market price, was being assembled. It was hoped the package would prove tempting to financiers.

One of the people involved in Grenoble Investments is known to have been City businessman John Gunn, who wanted to make United's new stadium the centrepiece of a leisure development. He pulled out of the deal at the beginning of November.

Oxford United is now over a year overdue in paying the council a £900,000 instalment on the £2m cost of the land on which United's half-built Minchery Farm stadium stands.

The councillors at the committee meeting also learned that the council is close to agreeing terms with Thames Water, who hold a covenant over the council's land at Minchery Farm.

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