Accounts published, plus Simon Kelner joins the Board at the U'sOxford United FC announced today that it made a loss of £2.4m in the 12 months to June 2015. Chairman Darryl Eales made the following comments:
“These figures are in line with our expectations, and relate to last season, our first in charge of the football club. We knew the size of the task and were very aware that, to bring sustainable success to the club, we would sustain a significant loss in the first year because we needed to improve the infrastructure as well as increase the playing budget.
“We had budgeted for such a loss, although I would say that poor performances on the pitch last season made it a little tougher than we had forecast.
“Much of the additional expenditure in that first season were one-off costs, and the improved performances this season, including our league form, success in the cups and a game at Wembley, mean that the financial performance for the current year is much improved, even though significant investment in the playing squad has continued.
“We remain committed to the long term, sustainable success of Oxford United, and our goal is to get to a break-even position. We believe there has been significant progress over the past 12 months, and we are determined this shall continue to keep the club heading in the right direction.”
The club also announced today the appointment of Simon Kelner as a non-executive member of the board of directors. Mr Kelner has been assisting the club as a strategic communications adviser for the past 18 months, and he will continue to do this as a board director.
Mr Kelner, a former editor of The Independent newspaper and an Oxfordshire resident, said:
"I am honoured to be joining the board at such an auspicious time for Oxford United. I am confident that more good times are around the corner."
Darryl Eales added:
"I am delighted to welcome Simon to the board. He has a great deal of business experience, added to an affinity with the area, and he will add to our already formidable line-up of directors."