Second-tier clubs have started releasing their financial statements for the 2024/25 season, with Oxford United seeing their deficits grow following their elevation to the Championship.

The club disclosed their financial figures recently, revealing an operating loss of £16 million, representing a 33 percent rise compared to the prior year.

While substantial, this figure remains relatively manageable for Championship clubs and those recently promoted to the second tier.

Oxford United joins several other clubs in releasing their accounts for the prior year at this point in time.

Among the 16 Championship sides who have submitted their financial reports, United’s operating losses of £16 million rank as the fourth lowest in the division.

Oxford United are publishing their 2024/25 accounts, having finished 17th in the Championship. The peculiar nature of football finance means the club is being forced to leave their current stadium, and the £10 million already invested in locating or constructing a new venue cannot be counted for PSR purposes.

Below them come Preston North End (£14.7 million), Plymouth Argyle (£8.7 million) who were relegated from the second tier that season, and Portsmouth (£4.6 million) who achieved promotion in the same campaign as the U’s.

Five clubs have accumulated losses at least twice as large as Oxford’s.

Hull City top the list at £41.7 million, experiencing a significant surge in losses driven primarily by a 25 percent increase in their wage expenditure.

The seven Championship clubs who have reported their 2024/25 financial results to date have combined operating losses of £169 million, compared with £114 million in the previous season.

The Tigers are subject to an EFL-imposed transfer embargo lasting until January 2027 due to late payments for Louie Barry’s loan move from Aston Villa.

Norwich City record the second-highest losses at £39.6 million, with Middlesbrough (£36.7 million) and Cardiff City (£34.2 million), who were relegated from the Championship, close behind.

West Bromwich Albion, with losses double those of Oxford at £32 million, occupy fifth position.

Between sixth-placed Watford (£28.5 million) and 12th-placed Millwall (£20.2 million) sit Stoke City, current league leaders Coventry City, Bristol City, Derby County, and Queens Park Rangers.

Football frequently results in losses for clubs due to the substantial expenses required to compete, particularly at the Championship level.

Owners frequently provide financial support to sustain their clubs.

Regarding the EFL’s Profit and Sustainability Rules, which exclude infrastructure expenditure, the club sits comfortably within the permitted threshold, as clubs are allowed losses of up to £39 million.