Oxford United are delighted to report that the club made a profit in the year to 30th June 2020 despite the incredibly difficult Covid-19 environment which came to the fore in March of that year.
The team, Karl, executives and staff have turned a £4.2m loss in 2019 into a £1.5m profit in 2020.
This has resulted from the club's strategy of building a sustainable football club, providing success on the pitch with financial support and business acumen from its shareholders.
The club also benefited from the loyalty and great support from its fan base and the community.
Although ticket and other income was significantly reduced by COVID-19 the club built up turnover in all areas but in particular had two successful cup runs losing eventually to Manchester City and Newcastle respectively. The club also reached the play-off finals.
Costs were generally reduced except for an increase in the playing budget which reflected the success on the pitch despite the player sales in the year.
Finance Director Tim Davies said
“It’s highly unusual for a football club to make a profit and I have to say the Board have been incredibly supportive. Over the last few years have had to sustain losses each year. Fans shouldn’t get carried away though as the profit was derived essentially from the sales of Gavin Whyte, Shandon Baptiste and Tariqe Fosu. It is great credit to Karl, his staff and players that despite these sales we still had an incredibly successful season.
"We managed to bring in some new players and we were able to reach the play-offs and who knows, if the season hadn’t been cut short when the team was in great form we might even have won automatic promotion to the Championship.
“To make a profit while we were making huge strides on and off the pitch is a wonderful effort. The Shareholders supported the club by a further £3.3m during the year and that helped the club substantially reduce its third party creditor base.
"Perhaps most importantly during this period they also invested in the training ground and the club now have a long term lease, with thanks also due to the Council for their help in the club now owning a facility which will benefit the club and the city of Oxford for years to come.”