Oxford owner Ian Lenagan hopes to purchase the Kassam Stadium

Oxford United owner Ian Lenagan says the club has become financially stable and he is confident of a bright future.

Despite the latest accounts, for the year ending 30 June 2009, showing a loss of more than £800,000, he has ruled out walking away from the club.

Lenagan, who is also the owner of Super League leaders Wigan Warriors, told BBC Oxford: "It would be stupid not to be committed now.

"It's onwards and upwards as far as I am concerned."

He added: "Even before winning the play-offs our position had become stronger.

"Within the last 18 months the finances have turned round. It's breaking even - not too many clubs can say that."

Lenagan bought Oxford from Firoz Kassam in 2006, but weeks later the club suffered relegation from the Football League.

With the club now back in League Two, he is still looking to acquire the Kassam Stadium.

"I don't want to make promises, but the project is probably at its best place that it's ever been in the last four years," Lenagan said.

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