CULMINATING in a famous victory at Wembley, Oxford United’s last season was its best in years – and not just on the pitch.

The U’s are making money again.

A series of positive financial factors have helped make the club profitable for the first time in years, and helped it reduce its overall debts. These include: l Promotion back to the Football League which will see a major boost to the coffers from broadcasting deals l Reaching and winning the play-off final at Wembley which generated about £250,000 l A cut believed to be worth £600,000 from the £3m sale of former midfielder Dean Whitehead from Sunderland to Stoke as a result of a sell-on clause l Higher average home gates of about 6,000 l A good FA Cup run l New sponsorship deals with Bridle Insurance and £50,000 from Witney-based Polythene UK for the back of the players’ shirts l Increased revenue from advertising and the sale of exective boxes.

Club chairman Kelvin Thomas, right, addressed shareholders at the club’s annual general meeting yesterday.

He said: “It is fair to say the club is back in profit and is in better shape in a lot of different areas.

“Last season we did better commercially, gained promotion, had better attendances and reached Wembley.

“For 2010, even without the Dean Whitehead money, we will still show a profit.”

Figures for the year ending June 2009 show the club made a loss of £825,498, an improvement on a loss of £870,582 in 2007/08.

But Mr Thomas said: “Even though the 2008/09 figures show significant losses and relatively high debt figures, it’s pleasing to know that today’s position is much better.”

He confirmed the club had now paid off debts owed to Her Majesty’s Revenue and Customs, as well as its VAT bill and overdraft with the bank.

The main debt of less than £4m is now owed to club owners Woodstock Partners, operated by Ian Lenagan and former club chairman Nick Merry.

One of the main burdens on the club is that every quarter, £120,000 in rent has to be found to pay stadium owner Firoz Kassam, who also takes 50 per cent of advertising revenue at the ground.

Mr Kassam is believed to want £13m to sell the stadium.

Mr Thomas said: “We are still in dialogue with Mr Kassam and with our improved financial situation, there may be some more opportunities opening up.”

He added: “It’s been a very positive year on and off the pitch.

“We feel we are stronger because we now have much better control of our financial future.”

Last night, supporters’ group OxVox spokesman Mark Sennett said: “This is a real tribute to how the club has been run both on and off the field since Kelvin’s return.

“It has been a very successful season and we hope that continues.

“What’s particularly pleasing is that we have no outstanding hard debts or loans to Inland Revenue or VAT. It’s very reassuring for fans.”