Oxford United’s promotion to the Football League could be worth £5m to the local economy, according to David Doughty, chairman of the Oxford Economic Partnership.

He believes that, as well as up to £1m more revenue for the club, the win will have a much bigger knock-on effect for the wider business community.

“There are so many effects from the greater publicity the club will receive to the range of benefits for businesses and events associated with it.

“And then there is the general feel-good factor on businesses, with people feeling so happy that is impossible to quantify.”

Graham Jones, of the Oxford High Street Association, was at the Milk Cup final victory in 1986 and travelled again to Wembley. He said: “It is a very positive sign for the Oxford business community as we come out of recession.

“The club will be able to attract more sponsorship and there will be more fans supporting the club, with attendances expected to rise perhaps to 8,000.

“There will also be more fans visiting the city, especially bigger clubs such as Bradford City and also the local derby with Wycombe Wanderers.”

At furniture and stationery supplier B-line Business Supplies, a commercial partner of the club based at Stanton St John, ten of the 14 staff were at Wembley, while the firm organised a coach for key customers.

Managing director Phil Beesley said: “It is a win-win situation for business in Oxford. There are a lot of smiling faces around the place today and that has to have a knock-on effect.”

Kevin Middleton, director of U’s shirt sponsors Buildbase, said positive momentum was building around the county with the election of Witney MP David Cameron as Prime Minister and the economy on the road to recovery.

“The euphoria that we felt at Wembley can only add to this feeling of optimism,” he said. “We’ve been partners with Oxford United for ten years and this is probably the highlight of that association.

“Our staff, customers, friends and families have all had their spirits lifted.”

Club chairman Kelvin Thomas said: “Promotion will have a fantastic impact on the economy for all of Oxfordshire.”