In the last seven days, Oxford United have announced their financial losses for the year before a draw at Norwich.
Oxford United Weekly Round-Up: Financial Loss and Away Day Draw
U’s Announce Club Losses
The week included the club announcing a record turnover but suffering a gross loss.
Total turnover for the year reached £8.4 million, compared to £7.5 million in 2022/23. However, the club’s gross loss rose from £2.1 million to £3.5 million, and United’s net loss for the year stood at £15.9 million.
In a statement, they said that the loss was largely in part down to investment from shareholders into the new stadium project.
“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.”
Draw at Carrow Road
On Friday night, Oxford ended a run of three successive defeats with a well-earned point at Norwich.
The U’s fell behind inside five minutes but regrouped well and got a deserved equaliser through Mark Harris, who netted his first goal since Boxing Day.
Oxford did create chances but Jamie Cumming was the busier goalkeeper, making several stops at Carrow Road.
Despite late pressure, the U’s held firm and picked up a deserved point.
