Nick Merry has stepped down as Oxford United chairman.

Kelvin Thomas will replace him at the helm – and has promised U's fans he will do everything in his power to get the club back on a sound financial footing.

Merry will stay on the board – along with Jim Smith – with Thomas in charge of the club's day to day running.

Thomas was a key member of the board when Merry and Ian Lenagan brought the club before stepping down to concentrate on family life in Florida.

But he has still kept involved in the club, and will now be based in Britain.

"This was a decision taken by Woodstock Partners (of which Merry and Lenagan are partners) and the board of Oxford United, and Nick Merry was part of those talks," he said.

"The club obviously has financial issues, but I am determined to take us forward."

See tomorrow's Oxford Mail for a special edition – with all the reaction.