Outgoing chairman Nick Merry tonight admitted a breath of fresh air was needed at struggling Oxford United — but insisted he had stepped down of his own volition.

Mr Merry, who continues to own half the club and still has a place on its board, said the stresses and strains of two-and-a-half years as its chairman had started to affect his health.

But he said he had not failed in his role since he took over in March 2006 — despite still not owning the Kassam Stadium and presiding over a team in the lower reaches of the Blue Square Premier, rather than the Football League.

Mr Merry conceded that now was the time to pass the reins to a "young and smart" operator in Kelvin Thomas "for the best" interests of the club.

Speaking exclusively to the Oxford Mail, he said: "A change was needed for the best.

"I have done what I could do — put a lot of money, time and effort into the club, but we haven't got the results we needed.

"A change is good and maybe this change will make a difference.

"It's all about the success of the team — that's what football is all about — you want to be successful.

"I don't think I have failed — we saved the club from going out of business, because that was definitely on the cards, but sometimes you have to go down to go up "We have built up a lot of goodwill among the fans, the community and the club — and built up our youth development, which is going to be big for us.

"But we haven't achieved our aim of owning the stadium or having a team in the Championship.

"My health has suffered — but stress will do that to anyone.

"Kelvin is young and smart and I have every respect for him — he will do a good job.

"I am still co-owner of the club (but) ultimately it was my own decision (to step down as chairman)."

Yesterday was an explosive day at the Kassam Stadium, as Mr Thomas was unveiled as chairman.

He immediately said the priority was to attract new investment and additional funding for the club.

One of the most significant tasks Mr Thomas — who said he was not putting any of his own money into the club — faces is negotiating with former chairman Firoz Kassam over the purchase of the ground and conference centre, in Grenoble Road.

The current regime still pays rent to Mr Kassam for the use of the ground, with all proceeds from match day food and drink sales inside the stadium going to the former chairman.

Mr Thomas said: "I'm here to do everything for the club. I will fight to make sure that there's not just a club here in 12 months, but in 12 years and for many, many years after that. And by then, the club will be an independent, self-sufficient club, not reliant on third parties."