Oxford United: Thai businessman Sumrith Thanakarnjanasuth leads takeover

Sumrith Thanakarnjanasuth (centre) was part of consortium who owned Reading between 2014 and 2017

Thai businessman Sumrith Thanakarnjanasuth has become the new owner of League One Oxford United.

Thanakarnjanasuth, also known as "Tiger", held a 25% stake in Reading until May 2017 as part of a three-person consortium.

The takeover ends Darryl Eales's tenure as chairman of the U's.

Eales, who will remain on the club's board, had been chairman since 2014 and oversaw promotion from League Two in 2016.

He told the club website: "My ambition has always been to help the club achieve sustainable success. 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."

Thanakarnjanasuth, alongside his sister Lady Sasima Srivikorn and majority owner Narin Niruttinanon, bought the Royals in September 2014.

The trio sold a 75% stake last May to Chinese brother and sister Dai Yongge and Dai Xiu Li but retained ownership of land around the Madejski Stadium and its hotel, which have been earmarked for future development.

BBC Sport reported on Wednesday that former Wales striker Craig Bellamy is in talks to be the club's new manager after Pep Clotet was sacked in January.

On the club's managerial situation, Thanakarnjanasuth said he is keen to "complete this process quickly so that we can provide further stability for the rest of the season".

The U's are 15th in the League One table, five points clear of the relegation zone.