OXFORD United’s latest accounts have revealed a loss in excess of £1million.

The figures show the U’s were in the red to the tune of £1,017,504 for the 12 months up to June 30 2012.

Losses were expected, but the figure is still significantly higher than the £750,000 forecast by chairman Ian Lenagan at a fans’ forum in February.

The higher outlay was partly down to player-related reasons, with loan players needed to cover a high number of injuries, while £150,000 was spent integrating the youth set-up back into the club.

Writing in the directors’ report, Lenagan said: “Despite the significant losses the board has supported the club through a challenging year with Woodstock Partners Limited funding the losses incurred during the period.

“The board expects the challenges of 2012 to continue for 2013 but as a result of the investments made into our playing squad, recent expenditure into sports science and performance analytics we are confident that the club is going in the right direction and that the investment made in the year will ultimately lead to success.”