Record turnover but almost £16m net loss for year reported by U's
OXFORD United have reported a record turnover for the club in the year ending June 30, 2024.
Total turnover for the year reached £8.4 million, compared to £7.5m in 2022/23, however the club's gross loss rose from £2.1m to £3.5m, and United's net loss for the year stood at £15.9m.
Meanwhile, the U's have said that investment from shareholders over the last two years into the new stadium project is now in excess of £6.5m.
READ ALSO: MP reiterates backing of U's stadium plans during Parliament debate
United said in a statement: '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.'
The U's added: '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 June 30, 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.'
United chief executive Tim Williams told the club website: '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 per cent 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.'
U's chairman Grant Ferguson 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.'
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