The 59th AGM of Oxford United FC was held this morning in the Blenheim Suite of the Kassam Stadium.

Chairman Kelvin Thomas addressed shareholders and discussed the published accounts, the recent successful season, including promotion and the Wembley win as well as discussing some hopes and plans for the coming season.

The Accounts being discussed were for the 2008/2009 financial year and it was announced at the meeting that Oxford United has moved on from this point to a much healthier state.The club confirmed that since these accounts were published the financial position has improved and it currently has no outstanding HMRC or VAT liabilities. It also has no bank loan facilities or overdraft and for the financial period 2009/2010 the club will show a profit for the first time in a number of years.

Kelvin told the AGM:

"Even though the 2008/2009 figures show significant losses and relatively high debt figures it's pleasing to know that today's position is much better."

"It has been a very positive year on and off the pitch. Even though as a club we do have a level of debt the difference now is that all of that debt is either soft debt to the owners or other much smaller soft debts with very favourable terms."

"We have no pressure from outside the club from HMRC or VAT due to outstanding liabilities, and we have no debt to any banks or financial institutions.We feel that we are stronger because we now have much better control of our financial future."

"We still have a lot of work to do and we have to make sure we continue to make sound financial decisions. We will continue to drive this business forward and we look forward to exciting times ahead."

Kelvin also confirmed that a fans forum will be announced next week, which details are being finalized, for later in July.