OXFORD City managing director Colin Taylor has stressed that the appointment of Florida-based businessman Thomas Anthony Guerriero as their new president and director did not mean the club had found it’s own sugar daddy.

Guerriero, the founder and chief executive officer of WMX Group Holdings Inc, will be part of a new international holding company, Oxford City Football Club LLC, which will jointly own the club, together with the Oxford City Charitable Company.

But Taylor, who has been the club’s MD for eight years, said the deal did not mean the Blue Square Bet North club would be splashing the cash.

“Thomas is a wealthy man,” said Taylor. “But as you know, we do things differently here. The last thing we want is someone who will keep writing cheques.

“It’s all about contacts and expertise and the Oxford City brand.

“His knowledge and experience professionally will provide a wealth of new opportunities and enable us to continue the progress we have made in recent years.

“For the past six months we have been in discussions with WMX about raising our profile. The charity will still has control of the club.

“We are now in a position to get the ball rolling. Thomas spent last week with us and was impressed by what he saw. He knows his football.

“WMX are very much into sport and education and we were looking for someone to fit our profile.”

Guerriero said: “This is a dream come true for me personally.

“I plan to build on the great successes over the last 131 years of Oxford City by assisting in the expansion of both the Oxford City brand and the Oxford City Academy globally.

“We are confident this will put City in a tremendous position to maximize the club’s potential on every level.”