Oxford united FC
Oxford United new stadium impacts on PSR regulations
It was last month that Oxford United signed a Section 106 agreement with Cherwell District Council which would put money into the community funded by the football club.
Once the building of the stadium is underway, the costs will not count towards the EFL’s financial parameters set by PSR.
The U’s recently published their accounts, recording a net loss of £17.5 million for the 2024/25 season.
“Once the stadium is formally approved and effectively we’ve got shovels in the ground then all of the costs are excluded from PSR, but at present we are still in the sort of the development phase,” Maguire told BBC Radio Oxford.
“I appreciate there’s been significant costs from a legal point of view in trying to locate an appropriate place for the stadium, discussions with surveyors and architects and all of those costs.
“Because they are now effectively pre-approval or pre the start of the project, strictly they have to be included within the PSR calculations, which is sheer lunacy. I mean whoever’s written the rules clearly doesn’t understand very much about football.
“There is no sporting advantage to Oxford from having such costs, especially given the specific circumstances that the club is undertaking at present, where it has nowhere to play as an alternative and it’s going to have to move as a result of the lease and so on. It does in my view suggest that the EFL’s rules are in need of review.”
🚨 #OxfordUnited‘s underlying losses compared to the rest of the Championship 👀
A bit of a dive into the finances that were published last week. 📊#oufc 🟡https://t.co/EPsjcnbUnB
— malachi (@MalachiObrey) March 26, 2026
U’s CEO Tim Williams revealed at the OxVox fans forum that three institutions are excited about the stadium project with positive responses coming from potential investors.
Maguire went on to detail the challenges that the club faces in persuading lenders to come on board.
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“It’s challenging for a football club to persuade lenders because if you were popping along to your local bank or building society would they lend to Oxford United? No they wouldn’t. The reputational damage if things go wrong is far too high.
“That tends to mean that you’re going to sort of specialist lenders, they will effectively give the club some form of mortgage, they will have no moral or ethical concerns should things start to go wrong.
“They’ve got a nice piece of real estate as far as they’re concerned in the city so they would be able to lend money but my concern would be at what rates of interest because it is a high risk from their point of view.”
The U’s remain under a temporary transfer embargo which sees them banned from registering any new players until they prove their compliance with the EFL’s Squad Cost Management Protocol (SCMP) regulations.
Oxford brought in one new player prior to the embargo being confirmed, with former Heart of Midlothian centre back joining on a free transfer.
He, however, has suffered an anterior cruciate ligament injury which will keep the 30-year-old side-lined for a number of months.
Meanwhile, United’s league rivals are making sure to strengthen ahead of the 2026/27 campaign.
The headline transfer news in the third-tier this week has been the loan transfer of Tommy Watson to Leicester City from Premier League club Brighton & Hove Albion.
Watson joins on a season-long loan deal after just a year at Brighton having arrived from Sunderland last summer.
The 20-year-old scored the winning goal which saw the Black Cats beat Sheffield United in the 2024/25 Championship play-off final at Wembley despite already agreeing a £10 million move to the south coast.
He played just 10 times for the Seagulls and spent the second half of last season at Millwall.
Watson now drops down to the third tier in an attempt to help Leicester bounce back to the Championship after relegation alongside the U’s last term.
Elsewhere, MK Dons have continued to make waves in the window by bringing in former Middlesbrough winger Sam Silvera.
The newly-promoted Dons have brought in the winger on a free transfer after he was released by Boro at the end of last season.
It is another statement signing for Paul Warne’s side, with the Australian a first-choice name for the Teessiders last season until injury curtailed his season.
READ MORE: Oxford United boss Aaron Ramsey credits Arsene Wenger
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The 25-year-old scored eight goals in 65 appearances for Boro.
Most recently, Oxford have seen Will Vaulks leave for League Two club Tranmere Rovers from whose academy he graduated.
The 32-year-old departs after two years at the club, playing 88 times.
Oxford’s first opponents of the season, Leyton Orient who they face in the Carabao Cup on Saturday, are in the midst of a fight to keep hold of star striker Dom Ballard.
The 21-year-old, who scored 23 goals and managed five assists in League One last year, is the target of Championship club Bristol City who are reportedly making a final push to sign the striker.
The Robins have offered £5 million for Ballard’s services, according to reporter Alan Nixon, with the O’s having held firm but are resigned to losing the prolific goal scorer.
Other moves in the division see Ollie Cooper join Notts County on loan from Swansea City and Stockport County sign Luca Ashby-Hammond after leaving Plymouth Argyle.
The 35-year-old was appointed into his first head coach role in June, taking over at United from Matt Bloomfield after retiring from professional football in April.
Ramsey has enjoyed a successful start to his tenure in OX4 so far, securing four wins from four pre-season fixtures, including a 2-0 victory over Premier League side Ipswich Town.
The former Gunners midfielder has also had to manage the squad amidst a temporary transfer ban which sees Oxford unable to register any new player until they prove compliance with the EFL’s Squad Cost Management Protocol (SCMP) regulations.
The ex-Wales international played under some world-renowned managers during his successful playing career in the likes of Wenger, Aston Villa boss Unai Emery and former Juventus manager Massimiliano Allegri.
“Arsene was a huge part of the success that I had as a player,” the Yellows head coach detailed after the pre-season win over Ipswich.
“And obviously, I took so much from him as well, from the manager side of things.
“But I’ve been very lucky and blessed to have played for some really good managers over the years, which I’ve taken little bits from as well.
“So, yes, I wouldn’t just say it’s all him, but definitely he’s formed part of that.”
Similarly to Wenger, Ramsey possesses a calm demeanour on the touchline, more often than not on the edge of his technical area with the occasional instruction directed at a player or the team as a whole.
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He is visibly calm and contemplative, something which he himself acknowledges.
“I think that’s me as a player, though. I’ve always been quite calm and comfortable in situations. So for me, that’s the way that I am.
“And I want my players to feel that and to feel like they can go out there and express themselves.
“So, yes, when they play like that [against Ipswich], it does make it a lot easier for me on the side lines.
“I think we need to be confident in what we’re trying to do for us to be able to really showcase exactly what we can do.
“It’s that confidence which is important without stepping over the line, but we need to embrace that.”
The U’s begin their campaign this Saturday with a Carabao Cup clash with League One rivals Leyton Orient.
Ramsey will be hoping his side can take the confidence and impressive performances from pre-season into the competitive campaign.
League action begins a week later, with the Yellows hosting newly-promoted MK Dons at the Kassam on the opening day.
The U’s return to the third tier after a two-year stay in the Championship, suffering relegation last term with a 22nd-placed finish under Matt Bloomfield.
The club revealed their new home strip last month and have worn it twice during pre-season when they beat Crawley Town 3-1 and Ipswich Town 2-0 at the Kassam Stadium.
Oxford’s away kit was released with a video on social media titled ‘Performance Inspires’, the shirt being inspired by Oxford’s performing arts, with a ballet performance filmed at Oxford New Theatre.
The video is soundtracked by a reimagined take on Oxford band Foals’ song ‘What Went Down’.
The shirt is available to buy online and in-store.
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