CVA today!

The Creditors Voluntary Agreement, whereby those to whom Oxford United owed more than £1,000 of unsecured money, today becomes unconditional. This means that once Kassam has paid the unsecured creditors 10% of what they were owed (approximately £1 million) their debts are written off, effectively making the club solvent again. When the secured creditors are paid what they are owed (with money from the sale of the Manor once Minchery Farm is complete) this should make the club debt free.
The land deal with the City Council now looks on course to be signed next week according to both parties, but until this is completed Kassam will not be able to sign contracts with the new builders.
It has been confirmed (again) that the prime movers behind Nick Pentith's Judicial Review is British Rail Properties Board. After the meeting last week between Pentith and representatives of the City Council BRPB are now considering their position. Apparently Pentith was told in no uncertain terms that if he persists he will never work in Oxford again (or something along those lines).

It's a day – Ray

Ray Harford, United's technical director, has called it a day at Oxford United and handed in his resignation. It appears that he wanted a more hands on role, and was also pissed off about not being paid since he was appointed. He claims that Firoz Kassam was being a bit previous putting out the press release announcing his appointment when he did, meaning that he was pressured into a post which had not been clearly defined. Whilst on the surface this could be construed as being a blow, in fact for a club in United's position it's a bit of a luxury to have a high profile figure like Harford effectively doing half the manager's job (supposedly). At least the club doesn't appear to have lost any money on this episode although Harford was at pains to point out that he felt United needs the kind of advice (on contracts and dealing with players) that he was supposed to provide.