Championship club handed final deadline to leave stadium with side's long-term future ‘not guaranteed'
The Championship club have been playing at the 12,500-seater venue for the last 24 years.
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But it is owned by former chairman Firoz Kassam and his Firoka Group, who want Oxford to move out.
The license was due to expire at the end of next season and leave the team without a home in just 12 months' time.
But an agreement has been struck that sees the deal extended to the end of the 2026/27 campaign, with the option of one further year maximum.
It means Oxford must move out the three-stand Kassam Stadium by June 2028 at the latest.
Former club chief Kassam stated: 'Oxford United have been a hugely important part of my life for over 25 years, but now is the right time for all of us to look to the next chapter.
'Agreeing to this extension allows Firoka Group to focus on developing the wider site for local people and the city of Oxford, whilst providing the club with clarity in the short-term.
"It's now up to others to approve planning to guarantee Oxford United's long-term future.'
Current U's chief Grant Ferguson added: "The club was facing some very difficult decisions on where to play after our licence expired in June 2026 and before our new stadium is ready.
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'There has been a massive amount of work going on behind the scenes to get us to this point, and I would like to place on record my thanks to Firoz Kassam who personally oversaw the discussions which led to this short-term extension being signed.
'Agreeing this goes well beyond the terms of our existing arrangement and demonstrates Firoz's support for the Club, particularly given this could potentially delay his plans for the site.
"We can now move forward with certainty as both parties look to the future.'
Oxford plan to build a new 16,000-seater ground and have submitted the proposal to Cherwell District Council.
The new home is set to be on land known as the Triangle near Kidlington and the stadium will include a 180-bedroom hotel, restaurant, conference centre, health & well-being space, gym and community plaza.
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