IAN Lenagan’s ten-year association with Oxford United has ended after his remaining shares were bought by chairman Darryl Eales.

The move was forced by Lenagan’s imminent appointment as chairman of the Football League, which is due to be ratified at the organisation’s AGM on Friday.

To avoid a conflict of interest in the independent role he has stepped down from the board to sever formal ties to the club, having first become involved alongside Nick Merry in 2006.

United have not revealed the terms of the deal, but their most recent accounts showed Lenagan’s Woodstock Partners Limited were owed £6.38m.

Eales now owns 84 per cent of the club, with the remaining stake taken by director Peter Lee (five per cent) and about 500 small shareholders.

Lenagan, who initially sold a controlling stake to Eales in 2014, said: “I do it with delight, firstly to see Oxford United promoted to League One and, secondly, to see Darryl Eales acquire the shares.

“This shows Darryl’s increased investment in and commitment to Oxford United whilst ending with emotion ten years of formal Lenagan family involvement in Oxford United.

“Both my sons and I look forward to continuing to support the club and Darryl whenever possible.”

Lenagan’s early time with the U's saw him keep a low profile, investing behind the scenes.

The period included United’s promotion out of the Conference in 2010, before he became more prominent two years later, taking over as chairman following Kelvin Thomas’s departure.

But having put £8m into the club in eight years, Lenagan admitted in an interview with the Oxford Mail last summer there was “a degree of angst about writing cheques at that sort of level”.

It prompted the takeover in July 2014 which left the Wigan Warriors owner with a stake of 38 per cent, which would be steadily bought up in the medium term.

Eales said: “I am delighted to increase my stake in the club, allowing Ian to take up his new post.

“I’d like to congratulate Ian on his appointment and wish him well for the future.

“Oxford United have benefitted enormously from his experience, his planning and his financial support over the last ten years and on a personal level I’d like to thank him for his friendship and help over the last two years.”

He added: “Perhaps his greatest legacy will be his unshakeable belief in the need for a flourishing youth development system, something he is rightly very proud of and we are determined to build on.”