Oxford United chairman Nick Merry last night confirmed the official purchase price for his takeover of the football club was just £1.

The rest of the £2m-plus it cost him to take control of the club from controversial former owner Firoz Kassam was to cover the club's debts.

When he took over the League Two side last week, Mr Merry said: "The total consideration paid for the transaction was just over £2m."

It was unclear at the time how much of this fee was debt, but Mr Merry cleared up the confusion last night.

"We did buy the club for £1," he told the Oxford Mail. "But we also had to pay off all of the club's debt, which made the total fee just over £2m.

"Believe me, I wish the whole fee to buy the club was only £1, but it wasn't."

Mr Kassam had always maintained that he would sell the club for £1 the same price he paid for it.

United had debts of more than £9m when Mr Kassam took over in 1999, but a Company Voluntary Agreement resulted in all unsecured creditors owed more than £1,000 being paid 10p for every £1 owed. It therefore cost Mr Kassam £900,000 to pay off creditors.

The debts of just over £2m that Mr Merry has paid have all been incurred while the club has been at the Kassam Stadium.

Meanwhile, Mr Kassam has done little to improve his relationship with U's supporters in an interview with The Guardian newspaper yesterday.

The former chairman remained unrepentant about making the club a tenant at his stadium, and said he was proud of the money he made from selling the club's old home, the Manor Ground, in Headington. It is now the site of a private hospital.

He added: "I accept that football is not my expertise. However, I was not prepared to throw millions in when there are many poor people in the world.

"I prefer to give my money to charities such as water projects in the developing world and the Pakistan earthquake appeal. I have nothing to apologise for."

Fans flooded the Oxford Mail's thisisunited forum with their annoyance at the comments.

As part of the takeover deal, Mr Merry a former United youth team player, who lives in Woodstock will be given first option to buy the stadium when it goes on the market.