Oxford United’s supporters should not be concerned by the latest set of accounts which show a loss of more than £1.4million, according to chief executive Mark Ashton.

It is the third successive year the club has reported a seven figure deficit, with United further in the red each time.

The newest figures, covering the 12 months up to the end of June 2014, reveal a loss of £1,449,359 – more than £300,000 higher than the previous year.

Total debt rose to £8.5m from £7.1m.

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he accounts cover Ian Lenagan’s final year in charge as chairman and owner, before he sold a stake to Darryl Eales last July.

Ashton, who came in as part of the takeover, made it clear they were fully aware of the financial situation when the deal went through.

While the U’s CEO stressed it should not be a source of panic for supporters, it reinforced the need to continue the changes started last summer to build the club.

He said: “We understood the position of the club and that’s it really, we get on and run the business.

“It was obviously before our period.

“I don’t think there’s anything to worry about, there’s nothing substantial that has changed.

“We need to build a business and we want to move towards sustainability.

“That’s not easy, let’s be clear about that and will take a period of time, hence why at the moment a number of clubs are funded by an individual, or a group of individuals.”

The losses could have been even worse, coming in a season where United earned at least £150,000 from an FA Cup run where they featured live on television twice.

Overall, turnover was down £102,000 to just over £3.2m.

The losses were covered by parent company Woodstock Partners, whose outstanding loan – on which the Lenagan family have not charged interest – increased to £7.5m from £6.1m.

Lenagan, who still owns a 38 per cent stake in the club, declined to go into detail about the figures.

“I think because of the fact of the transaction that took place last July the current board of directors are now responsible for those accounts,” he said.

“It would not be seemly for me to comment on them, even though I’m fully familiar and comfortable with them.

“I’m not avoiding it, I just don’t think it’s my role.”

New OxVox chairman Jeremy Faulkner added: “I guess, with the costs that appear to have been added this year, then we can’t really expect the financial results to improve anytime soon.

“I’m sure the club’s management are acutely aware of this and although ‘investing for the future’ and building the infrastructure of the club, the need for a significantly better season on the pitch will be even more important.”