His departure provoked a hugely mixed reaction amongst Notts supporters, but Thordarson (pictured below) insists that people shouldn't be disappointed at the midfielder's decision.
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"I wanted him to stay, because I felt I could have got more out of him.
"But he has chosen to go and I only want players here who want to play for this club.
"He doesn't want to be here, so I am not upset.
"I spoke to him last week and said that we wanted him to stay. He was made an offer."
Oakes scored no less then six spectacular goals last season and was widely-considered one of the most naturally talented players in League Two.
However, the former Leicester midfielder was often unable to produce his best form on a regular basis, something that he'll look to rectify at Adams Park under new boss John Gorman, who also completed the signing of veteran frontman Tommy Mooney yesterday.
Meanwhile, Thordarson admits that he'd like highly-rated goalkeeper Saul Deeney to remain at Meadow Lane.
The Irish stopper has had a two-year deal sat on the table for a number of weeks now, but the deal still remains unsigned - with the 22-year-old looking increasingly likely to sign for Championship side Sheffield United.
The future's of Bolland and Scoffham also remain unclear, with Gudjon admitting that no decision has yet been made over the pair.
It was initially thought that Scoffham - who spent ten months on the sidelines with a broken leg - would be offered a short-term deal to prove his fitness.
There have been no decisions made," said Thordarson. "There is an offer on the table for Saul Deeney, but, as for the other two, we will see."
For all the latest news on the ins and outs at Meadow Lane, be sure to check back to NCM.