I bought club for just £1 and the ground only has three stands.. but I made ZERO profit when I sold it seven years later

OXFORD UNITED’S controversial former owner bought the club for just £1 but made zero profit when he sold it.

Firoz Kassam owned the club for seven years after purchasing Oxford in 1999.

During that time, their new stadium was completed with its infamous three stands.

Kassam bought Oxford for £1 from outgoing chairman Robin Herd in April 1999.

The deal saw him take full control of the club with an 89.5% stake,

Oxford were in considerable debt at the time, with a reported £15million owed and weekly losses of £12,000.

Their financial issues had also halted construction of a new stadium.

However, Kassam all but completed the ground, which he named the Kassam Stadium, with the exception of a fourth stand.

He also sold their old Manor Ground home to his own company and paid off the club’s debts with the money.

The site was then sold for a huge profit, although the club did not receive any money from the sale.

When the controversial owner took over during the 1998/99 season, Oxford were in the second tier of English football.

However, they would be relegated at the end of the campaign before dropping into what is now League Two in 2001.

Just months after Kassam sold the club in 2006, they fell out of the Football League altogether.

Kassam departed in March 2006, with former youth team player Nick Merry buying the U’s for £1.

Merry also invested over £2million in funds to cover the club’s debts.

Following the sale, Kassam damaged his reputation amongst the fanbase in an interview with The Guardian.

“I accept that football is not my expertise,” he admitted, via the Oxford Mail.

“However, I was not prepared to throw millions in when there are many poor people in the world.

“I prefer to give my money to charities such as water projects in the developing world and the Pakistan earthquake appeal. I have nothing to apologise for.”

Oxford would go on to spend four years in non-league before promotion in 2010.

They have remained in the Football League ever since and are now into their eighth consecutive in League One.

Source: Soccer - thesun.co.uk