Oxford united FC
Oxford United account analysis by financial expert
The club published their finances last week, recording a loss of £17.5 million compared to the previous season’s £15.9 million.
The club remained within the parameters set by EFL’s Profit and Sustainability Rules whilst the club referenced the cost of competing in the Championship as the main reason for for said losses.
Football finance guru and host of The Price of Football podcast, Maguire, spoke to BBC Radio Oxford’s dedicated U’s podcast The Dub to discuss the club’s accounts.
Initial takeaways
“I’ve often described the EFL Championship as being the clown car of European football when it comes to the finances. The average losses are somewhere between 450 and 500 thousand pounds a week and the only way that you can address that is either by player sales, but there’s a limited number of players that are attracted to the Premier League and the Premier League is where the money’s coming from, or relying on owners.
“Oxford’s results, it’s scary. I’m looking at a loss of 17 million pounds and saying well actually by championship standards that’s not too bad and for a club that’s just been promoted and the previous year Oxford had lost over 15 million pounds in League One, which is very high by League One standard, but you say well at least that’s got them to the championship of things going to improve.
“The money coming in goes up, but the wage bill was up 90 per cent in the championship because you’re fishing in a different pond.”
Oxford’s standing in Profit and Sustainability Rules
“It is a bit ironic because they encourage neither profitability nor sustainability, but you’re allowed to lose £39m. Some people say well hold on, Oxford must be fairly close to that, but you exclude your infrastructure costs from the calculations.
“It looks delicate because Oxford United’s losses for the last three seasons are around 41 million, but you add back those particular issues and I think they are comfortably within the limit.
“It should however be stressed that it’s a limit and not a target and I think this is where lots of fans sometimes get aggrieved and not necessarily thinking it through.
“You’re still relying upon an individual or a group of individuals to subsidise the football club to the extent of millions of pounds a year…but it doesn’t necessarily mean that if I’ve got a credit card and I aim to get to the limit.”
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Impact of potential relegation to League One
“The £11.5m Oxford United generated last season from broadcast revenue, which was around about two thirds of the total, that would drop to around about two million. So, there is a big hit.
“In League One itself, the rule is effectively for every £100 you generate in revenue, you can only spend £60 on wages. Now last season Oxford were 114 per cent, so it’s tricky.
“It will involve quite a reset in terms of what’s being paid to players, and that means that fans will be frustrated because either players will not have contracts renewed or the club will be seeking alternative places for them. And unfortunately, that’s part of football.”
Oxford United’s effectiveness as a brand
“It’s not a negative, I think a lot will depend upon how it is marketed. It’s an attractive city in many regards from an investor’s point of view and I’m here I’m thinking of US investors, how far is it from an airport because they want to come across at weekends.
“It’s not; it’s accessible I think from that point of view clearly the links with the university and so on is got a sort of cerebral element to it which I think could be attractive
“But it’s not going to add millions and millions to the price. It’s going to be a modest help but no more.”
Should Oxford fans be worried?
“I’d still be relatively relaxed. Lenders won’t lend unless it’s in their interest to do so. I’ve got to know Tim Williams – Oxford’s CEO – I’ve got a lot of admiration for him, he’s very professional, he’s not going to put the club at undue risk.
“You look at it from an internal point of view, I’ve got confidence in the senior management team.
“You look at it from an external point of view, lenders will have done their homework because we are talking about specialist and niche organisations and if the two parties are willing to come together then I don’t see a problem.”
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.
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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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