Oxford United taken over by Thai businessman Sumrith ‘Tiger’ Thanakarnjanasuth

NEW Oxford United chairman Sumrith Thanakarnjanasuth says the League One club must move fast to appoint a boss following his takeover.

Thai businessman Thanakarnjanasuth, also known as 'Tiger', has become the majority shareholder and chairman of managerless Oxford.

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He held a 25 per cent stake in Reading until May 2017 as part of a three-person consortium.

A month has passed since Pep Clotet was sacked as U's boss on January 22 and Thanakarnjanasuth has vowed to ease supporter concerns by hiring a successor to the Spaniard.

Craig Bellamy is expected to replace Clotet in the comings days.

Sol Campbell was also a candidate but has admitted he will not get the job - despite claiming to have "one of the greatest minds in football".

Thanakarnjanasuth said: "I know many fans are anxious to know our plans for the head coach position. In the past few weeks, a lot of progress has been made and I have been kept fully informed.

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"Now that I have been formally appointed as chairman, I will be looking to complete this process quickly so that we can provide further stability for the rest of the season."

Thanakarnjanasuth's takeover means the capital structure of the club has been strengthened and the debt has been reduced, while outgoing chairman Darryl Eales will retain a shareholding and remain on the board at the Kassam Stadium.

Eales said: "My ambition has always been to help the club achieve sustainable success.

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"We have made significant progress on and off the pitch, and I believe a partner with similar ambition but greater resources will accelerate the prospect of achieving this objective.

"Tiger has the financial resources, high level connections in football, including with the EFL, and, critically, the passion and drive which can deliver on the club's ambitions.

"We have formed a good relationship and I am delighted to welcome him to the club."