Wagstaff and Oxenthorpe will both remain at the club after accepting the offer of respective vice-president roles at Glanford Park earlier this week at a board meeting.
Scunthorpe’s plans for their new B#18million stadium were given the go-ahead earlier this month and the club hopes to move into their new home – situated a mile from Glanford Park up the M181 motorway – in July 2016.
Chairman Peter Swann said: “I am happy to say that Keith and Jason have accepted my offer of vice-president roles within the football club and will represent the club both home and away with their continued support.
“This is a very exciting time for the club and with the new stadium on the horizon, new substantial investment both in infrastructure and on-the-field recruitment, it means we as a family are committing wholeheartedly to the project ahead.
“With that investment and potential investor recruitment in the pipeline it was imperative we change the board structure to mirror that and I must say that both Keith’s and Jason’s response and approach to the situation has been as ever, very professional, with the future and best interests of the club at the forefront of both their minds.
“On behalf of the Board I wholeheartedly thank them for their loyalty and commitment to Scunthorpe United Football Club and long may it continue.”