Oxford united FC
Oxford United posts net loss of £17.5m for financial year
The club, owned by Indonesian billionaire Erick Thohir, recorded a net loss for the financial year ending June 2025 of £17.5m, compared with £15.9m in the previous year.
Excluding new stadium development costs, the loss increased from £10.7m to £14.9m, which the club says reflects the higher cost base associated with playing in the Championship.
The club said it remains dependent on shareholder support, with the owners “continuing to invest both on and off the pitch to ensure Oxford United progresses towards its strategic goals”.
Tim Williams, Oxford United’s chief executive officer, said: “The growth of the club’s revenues this year reflects both the strength of our business and the impact of our first year in the Championship.
“With that growth comes increased responsibility to ensure that every decision we make supports our long‑term plans.
“Investment in the men’s team, academy, commercial activities and operations has been essential to competing at this level, whilst we’ve continued to make significant progress with developing our women’s programme.
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“We remain focused on building a club capable of thriving in the years ahead – one that is competitive on the pitch, sustainable off it, and that positively impacts our community.”
Revenue for the year increased by £10.6m, rising from £8.4m in 2023/24 to £19.0m in 2024/25.
Oxford United said the majority of this increase was driven by “substantially higher” central distributions from the EFL and the Premier League which rose from £2.5m in the previous year to £11.5m in 2024/25.
Gate receipts also grew year‑on‑year by more than £1.1m, reflecting increased demand and attendances at Championship level.
Commercial income, including sponsorship and advertising, continued its upward trajectory, rising to £3.3m.
The last year saw the club embark on a successful campaign to get planning permission for a new stadium in Kidlington.
The owners’ total direct investment in the new stadium project is now in excess of £10m.
Oxford United said that playing in the EFL Sky Bet Championship brought with it significantly higher revenue streams.
But it also brought increased costs to the business, resulting in higher sales from £10.3m to £19.2m and administrative expenses increased from £9.5m to £13.3m.
Chairman Grant Ferguson added: “This year has been one of remarkable progress for Oxford United, both on the pitch and across the wider business.
“Competing in the Championship brought new opportunities and challenges alike, and while the financial demands increased significantly, so too did the scale of our ambition.
“Our ownership group has continued to provide unwavering support, enabling us to invest in the playing squad, strengthen our operations, and take major strides forward with the new stadium project.
“We are grateful to our supporters, partners, staff and the wider Oxfordshire community for their continued belief in what we are building.
“The journey is ongoing, and together we are creating a future of which this club can be genuinely proud.”
The summer-long saga has felt more like a decade and surely head coach Aaron Ramsey has felt the same after enduring the ritual of being asked about Mills’ status on a weekly basis.
After missing the U’s first pre-season friendly, the winger scored in the second, a 2-1 win over Barnet, and featured in the following couple.
He then missed out in the first competitive game of the season, a 2-0 Carabao Cup defeat at Leyton Orient, before a move to PNE was confirmed by Ramsey ahead of the League One opening day, but not until January.
Mills messaged his boss requesting not to play in the 2-2 opening day home draw with MK Dons before coming off the bench to assist Gatlin O’Donkor in the Yellows’ 2-1 win at Stevenage.
That would prove to be the 22-year-old’s final display in a United shirt, the young attacker showing little enthusiasm upon Oxford taking the lead in Hertfordshire, hinting that his head had certainly been turned.
“I’ve known about it all summer and from the start I’ve wanted to be here, wanted to get going as a Preston player and now it is official.”
Mills’ first words as a Lilywhites player say it all.
Considering the former Everton man has never scored more than three goals in a senior season, my personal opinion was that a January move would be ideal for all parties.
In an ideal world, Oxford would keep a star player for six months, Mills could get his numbers up as a standout player in a weaker league and PNE would get an in-form winger through the doors in the new year.
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But patience is a rare virtue in football these days and off goes the winger to Lancashire.
So, what now for United?
The U’s are without a recognised right-sided midfielder – young Aidan Elliott-Wheeler could be considered – and remain under a temporary transfer embargo.
Aidomo Emakhu has played on the right so far this season and has offered some outlet but he does look much more comfortable in his more natural position on the right.
Then there is 17-year-old Mo Missanga, a youngster who helped change the tide on the opening day against MK Dons and who has excited supporters and the U’s boss alike.
Ramsey has hinted that the Yellows are searching for solutions, and it is understood that a loan transfer where Oxford do not pay any share of the player’s wages could be a way of bringing a player in before Tuesday’s deadline.
Given the circumstances, it will be difficult to replace the ability of Mills but there is certainly a sense of relief that this saga is over.
Now it is time to focus on the football and maintain a strong league position heading into January.
Oxford United have signed Wales international Kai Andrews on loan from Premier League side Coventry City until January.
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Oxford United head coach Aaron Ramsey has insisted that Stanley Mills’ departure for Preston North End was ‘the best decision’.
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