Former chairman Nick Merry has stepped down as a director of Oxford United.

A statement from the club last night confirmed he had resigned for "personal reasons".

It marks the end of a significant chapter at the football club, and leaves chairman Kelvin Thomas as the sole director.

Thomas, though, has been stating for some time that he is looking at restructuring the board.

It was Merry who, as part of the consortium Woodstock Partners Limited, and headed up by Ian Lenagan, which bought Oxford United for £1 from former chairman Firoz Kassam in March 2006.

Bringing in his friend Jim Smith as manager, Merry instigated a brand new dawn at the club, and helped to bring it back much closer to the people and businesses of Oxfordshire.

Oxford United was the club Merry had supported all his life, and he played youth football for the club in the 1970s before a knee injury prematurely ended what had looked a promising career, because he had also played for England at schoolboy level.

Woodstock-born Merry made his money in the United States, running a now defunct Florida-based dental biotechnology company called MicroDenteX, as well as investing in gemstones in Guinea.

He resigned as chairman of Oxford United last October.

A statement from the club thanked Merry for his time and efforts.

"As stated at the last fans' forum, the club is looking to strengthen the board and will look to do this in the upcoming months, while also focusing on the continual strengthening of the club on and off the pitch.

"We are in an exciting pre-season schedule and are looking forward to welcoming all fans back to the stadium for this and the start of the Blue Square Premier season at home on August 8 against York City.”

Merry, who is in Africa, stressed that he wasn't cutting his ties with Oxford United.

"I'm still very much connected because I own 50 per cent of the football club!" he said.

"I've just resigned as a director for personal reasons. My travels are becoming more excessive."