Oxford United Football Club Limited reports financial results for the year ending 30 June 2024

Oxford United are pleased to present a summary of their financial results for the year ending 30 June 2024. 

The year under review reflects another period of huge progress for the Club, culminating in promotion for the Men’s Team back to the Championship after a historic day at Wembley in May 2024. 

Away from the pitch, the Club continued to improve its support structures and training ground facilities, with further enhancements to its leadership team and overall staffing. As the new stadium plans gather pace, significant investment was made as we moved through the planning process and secured, subject to planning, a long-term lease for the proposed site. The investment from our shareholders over the last two years into the stadium project alone is now in excess of £6.5m.

This continued strategy of investment to drive growth is consistent with the shareholders’ vision of delivering long-term stability and success.

Tim Williams, Oxford United’s Chief Executive Officer, said: “Our Men’s Team, supported by major investments during the summer and January transfer windows, delivered one of the most memorable seasons in Oxford United’s history as the Club returned to the Championship for the first time in 25 years. We grew our revenues by 13% and promotion will allow us to build on the progress made to date.

“The most pleasing aspect of our achievements so far is that they are Club wide. The Women’s Team programme has continued to develop, the Academy goes from strength to strength, and Oxford United in the Community live and breathe their commitment to make communities across Oxfordshire happier, healthier and better-connected.

“The progress we have made both on and off the pitch is testament to our long-term strategy to improve every aspect of this football club.”

Grant Ferguson, Chairman of Oxford United, added: “As part of the Club’s vision to create a sustainable future and far greater revenue generation opportunities, the shareholders continue to provide significant financial support for the stadium project. This has seen them invest more than £6.5m to date, with a further £2m committed since year end. The new stadium will not only become one of the best mid-sized venues ever built, but it will also secure the long-term future of Oxford United for our staff, players, stakeholders and, most importantly, for our fans and community.”

Oxford United's financial statements for the year ending 30 June 2024 will be filed at Companies House in the coming days. A summary of the Club’s financial statements is outlined below.

Turnover

Total turnover for the year reached a new record for the Club, growing nearly 13% to £8.4m.

Revenues increased across almost all areas of the Club, with the most significant increases seen in matchday ticketing and Central Funding as a result of the participation income driven by the Play-Offs and the Final at Wembley. Retail and Membership sales also recorded significant increases. 

Included in the prior year’s numbers was the relatively major income received from the Third Round FA Cup match against Arsenal, which was not repeated this year, making the increase in turnover even more impressive.

Cost of Sales

The increase in cost of sales was driven by further investment in the playing squad. Once these costs are excluded, general overall cost of sales decreased. 

Whilst general player wages went up in line with the strategy to develop a competitive squad capable of challenging for promotion, the largest increase was as a result of contractual promotion bonuses for playing and coaching staff which were provided for during the financial year.

Administrative Expenses and Other Income

Significant costs were incurred as a result of the severe flood which virtually destroyed our training ground building in January 2024. The insurance reclaim costs of £811k, included in other operating income, should be taken into account when comparing costs from this year to last. 

There was increased investment in our Women’s Team and Academy. Our goal is to bring a more holistic philosophy to our Women’s, Girls, Boys and Youth Academy – uniting them under the umbrella of ‘Club Development’. This investment is part of the longer-term aims for the Club.

Improving processes, staffing structures, systems and governance was evident in increased costs. Whilst some costs reduced when previous inefficiencies were corrected, investment in key areas was made to ensure the Club was as resilient as possible for the challenge of both promotion and then retaining Championship status, despite the competitive landscape. 

Staff costs reflected the first full year of many key appointments made, as well as new appointments during the year, along with certain performance linked bonuses.

New Stadium Development Costs

We invested heavily in the planning process and securing the lease (subject to planning) of the proposed site, The Triangle. The investment from our shareholders over the last two years to get us to this position is now in excess of £6.5m.

The Club incurred new stadium development costs of £1.6m in the 2023 financial year and a further £5.1m during the year ended 30 June 2024.  The Club had previously capitalised the £1.6m in the 2023 financial statements. The Club has reviewed the accounting treatment of these costs further and concluded that all new stadium development costs incurred in the 2023 and 2024 financial year should be expensed as the criteria for capitalisation set out in the accounting standards had not yet been met.  An adjustment has been made to the 2023 financial information included in the 2024 financial statements and the £1.6m incurred in the 2023 financial year is now expensed in full rather than being capitalised. Expensing the new stadium development costs had no bearing on the overall cash position of the Club and has been funded by the shareholders.

Based on our results for the last three years, and even after taking this adjustment into account, the numbers we have recently submitted to the EFL under the Profit & Sustainability rules for Championship clubs have us comfortably within the parameters set. 

Balance Sheet

The additions to the playing squad are shown in the overall increase in the asset base of £1.9m. Amounts owed to the Club reduced, reflecting cash collections during the year. 

Key Financials                                   

*Figures have been restated