OXFORD United have reported a loss of more than £4 million for the financial year.

The £4.2m loss is an increase of half a million pounds compared to the previous year.

Following the publishing of the accounts this afternoon via Companies House, United posted a statement confirming the £4.2m loss was ‘fully funded’ by the club’s owners.

The statement read: “The accounts, which are available in full from Companies House, show turnover increasing by £1.2m during the year ended June 30, 2022 to £6.9m.

“With overall cost of sales increasing due to increases in the playing staff costs as well as the costs of the full return to stadia attendance following Covid, the club generated a loss before taxation for the financial year of £4.2m compared with a loss of £3.7m in the previous year.

“That loss was fully funded by the ownership group who remain committed to the club and will continue to support it financially.

“Changes to the structure of the board as communicated at the start of this season will help with this process.

“The club are now putting in place steps to ensure future financial sustainability, which includes the support for the club’s ongoing new stadium development.

“On this basis, in the short to medium term, this may require further shareholder investment.”

The accounts reveal that the U’s made marginally less money on player sales in 2022, compared to 2021.

Last year saw the sale of Rob Atkinson to Bristol City for an undisclosed fee, reportedly more than £1.4m.

United reported a profit of £1.6m on the selling of players in 2022, compared to £1.8m in 2021.

The club statement continued: “Our main player sale in the year was Rob Atkinson to Bristol City, which enabled us to invest in our playing squad and our infrastructure at the training ground.

“There was investment in fixed assets relating mostly to a new roof at the training ground with a new pitch and irrigation system for the pitches, continuing the improvement programme for all of our training facilities and demonstrating the club’s commitment to investing in infrastructure.”