Jim Smith has been appointed as the new manager of League Two Oxford.
The move marks a return to the club for Smith following his successful spell at the club between 1983 and 1985 - when he led them into the top-flight.
The 65-year-old's appointment comes on the same day as Nick Merry and Woodstock Partners Limited completed a £2million-plus takeover of the club.
Former Derby manager Smith has been out of football since his contract as coach was not renewed at Southampton following their relegation from Premiership last summer.
Smith has also taken a position on the board of directors.