Oxford United have sacked Gary Waddock as manager and appointed Michael Appleton as their new head coach after a dramatic afternoon at the Kassam Stadium.

Waddock was only named Chris Wilder’s successor back in late March, but he was unable to guide the Yellows to a Division Four play-off spot which has seemingly come back to bite him ruthlessly.

The ex-Wycombe Wanderers and Aldershot Town manager lasted just eight games as Oxford boss, collecting a woeful tally of just three points from a possible 24 during the end of the 2013-14 campaign.

His only victory for United came on April 12 when the Us convincingly fought off play-off rivals Plymouth Argyle before dropping out of the top-seven to muster an eighth-place finish, nine points behind York City.

After just over three months at the helm, former Portsmouth and Blackburn Rovers boss Appleton has taken charge of United ahead of the new Football League season.

Having had his playing career cut short after a serious knee injury with West Bromwich Albion after his move from Preston North End, Appleton was appointed caretaker manager of the Premier League side in February 2011 after Roberto Di Matteo’s shock dismissal.

Nine months later, the former midfielder was appointed as manager of Championship side Portsmouth, but he couldn’t help the administration-hit club stave off relegation from the second-tier.

Having fallen into Division Three, Appleton left Fratton Park for Bloomfield Road in November 2012 to take charge of Blackpool.

But after just 65 days as boss of the Seasiders, Appleton shifted again after joining Lancashire rivals Blackburn Rovers where he would be remarkably sacked after a slightly extended spell of 67 days.

He was in charge at Ewood Park for only fifteen league games before the owners sacked Appleton after some disappointing results in the Championship.

The 38 year-old’s arrival at the Kassam Stadium comes in line with a major ownership shake-up at Oxford, with Darryl Eales becoming joint-owner of the club alongside Ian Lenagan.

The former Marussia Formula One director will become chairman of the Division Four club, with Eales and Lenagan now holding over 30% of the shares in Oxford United Ltd, but both with less than 50%.

Lenagan, who has owned the Us for eight years, released a statement on the clubs official website this afternoon to end speculation and finally inform the supporters of the current ownership status.

Eales’ appointment is joined by former West Brom goalkeeper Mark Ashton who becomes the clubs new chief executive after similar roles at both Watford and Wycombe.

Ashton’s role as director at the Baggies has led to the managerial appointment of Appleton after their time together at the Hawthorns and his wishes to have his own person as head coach.

This news will come as a huge surprise to Yellow fans, but none so bigger than to Charlie Methven.

The local businessman led a consortium that lodged a takeover bid for the club earlier this week, only to be shunned by Lenagan after opting for additional investment through the introduction of Eales.

You can read the full statement here at: http://www.oufc.co.uk/news/article/00040714-statement-1717070.aspx