The U’s announced their finances last week, publishing an underlying loss – a company’s loss from core operations – of £16m, an increase of 33 per cent from the previous year.
This number is big, but one that is not too bad for Championship standards and for a recently promoted club.
The Yellows are one of a number of club who have published their accounts for the previous year at the time of writing.
Oxford United away support at Carrow Road (Image: Mike Allen)
Of the 16 Championship-competing clubs who have done so, United’s underlying losses (16 million) are the fourth lowest.
Oxford United publish 24/25 accounts, when the club finished 17th in the Championship.
The bonkers nature of football finance is that the club is being evicted from the current stadium, and the £10m spent to date on finding/building a new one is not allowed for PSR purposes.… pic.twitter.com/7ib1qxdh9R
— Kieran Maguire (@KieranMaguire) March 20, 2026
Below them sit Preston North End (14.7), Plymouth Argyle (8.7) who were relegated from the second tier that year, and Portsmouth (4.6) who were promoted in the same season as the U’s.
The five clubs with the highest all have accumulated at least double the underlying losses of Oxford’s.
Top sit Hull City (41.7) who saw a big increases in losses, mainly due to a 25 per cent rise in their wage bill.
The seven Championship clubs who have reported their financial results to date for 2024/25 have underlying losses of £169m between them, up from up from £114m the previous season. #sustainable pic.twitter.com/hXd6BM2e4F
— Kieran Maguire (@KieranMaguire) February 18, 2026
The Tigers are under an EFL-sanctioned transfer embargo until January 2027 after late payments for the loan move of Louie Barry from Aston Villa.
Norwich City have the second-highest losses (39.6) with Middlesbrough (36.7) and Cardiff City (34.2), who were relegated from the Championship, close behind.
Oxford United’s game against Sheffield United has been rearranged. (Image: Bradley Collyer / PA)
With double the losses of Oxford, West Bromwich Albion (32) have the fifth-highest.
Between sixth-highest Watford (28.5) and 12th-highest Millwall (20.2) lie Stoke City, current league leader Coventry City, Bristol City, Derby County, and Queens Park Rangers.
Football is a sport which more often than not produces losses amongst clubs due to the extravagant costs to compete, particularly at the heights of the Championship.
Dependence and trust is placed in owners helping to fund clubs through their own pocket.
In terms of the EFL’s Profit and Sustainability Rules, which exclude infrastructure costs, the Yellows are fairly comfortably within the limit, with clubs allowed to lose a maximum of £39 million.
