[citation needed] In October 2007, the order announced its intention to withdraw from its ministry as a permanent private hall of the university, for financial and personnel reasons.

Given the age of the building and the reduced number of friars, the cost of maintenance, rehabilitation, and staffing would be unsustainable for the province, and negatively impact other ministries elsewhere.

[4] The decision aroused considerable controversy; substantial proposals by the fellows for the continuation of Greyfriars were considered by the Governing Body.

[3] At the time of Greyfriars' closure, the Visitor was Mauro Jöhri, Minister General, the Warden was Mark Elvins, and the fellows included Aidan Nichols, John Paul II Lecturer in Roman Catholic Theology.

Among earlier Wardens who were members of the Capuchin order, the highly respected musical scholar Peter Peacock (an Oxford D.Mus.

The hall annually held a popular summer garden party, and a "bop" that was dubbed 'The Monastery of Sound' in tongue-in-cheek acknowledgement of the friars.

[citation needed] Its increasing prominence was very much disproportionate to student numbers, which was testament to their eagerness to get involved in university life.

[citation needed] As with all Oxford colleges, Greyfriars' student community was a JCR, run by an annually elected committee usually consisting of a president, secretary, treasurer and various other officers as necessary.

The main objectives of the society are to maintain and build relationships with the Hall's alumni and were also to raise money to enable Greyfriars to provide the best possible education for the growing student body.