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The Sun
14-05-2025
- Business
- The Sun
Championship club handed final deadline to leave stadium with side's long-term future ‘not guaranteed'
OXFORD UNITED have been told when they must leave the Kassam Stadium. The Championship club have been playing at the 12,500-seater venue for the last 24 years. 4 4 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. JOIN SUN VEGAS: GET £50 BONUS '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. 4 4
BBC News
13-05-2025
- Business
- BBC News
Oxford sign two-year extension at Kassam Stadium
Oxford United and Firoka Group have reached an agreement for the U's to stay at the Kassam Stadium for a maximum of two further years. Their previous licence had been due to expire at the end of next season but will now run until at least June will be an option to extend the deal for another year, which will be conditional on planning permission for the club's proposed new stadium being parties have said that no further extensions or new lease agreements after this one will be possible. The U's are tenants at the Kassam, which is owned by former chairman Firoz Kassam and his Firoka Championship club are looking to build a new 16,000-seater venue and submitted a planning application to Cherwell District Council in February last council will not be making a decision on the plans until June at the earliest."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," Oxford chairman Grant Ferguson said."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."
Yahoo
07-03-2025
- Business
- Yahoo
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.'
