OXFORD United’s yearly accounts have shown a profit for the first time since 2017.

The figures for the 12 months ending June 2020, released today, reveal the U’s are about £1.5m in the black.

It is a stark contrast to 2018/19, when United posted losses of £4.2m, and a deficit of just over £2m the previous year.

The latest figures are largely down to the sales of Gavin Whyte to Cardiff City in July 2019 and Shandon Baptiste and Tariqe Fosu to Brentford the following January.

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The U's are thought to have earned £4.4m for the trio, before additional clauses are included.

Finance director Tim Davies told United's official website: “It’s highly unusual for a football club to make a profit and I have to say the board have been incredibly supportive.

"Over the last few years have had to sustain losses each year.

"Fans shouldn’t get carried away though, as the profit was derived essentially from the sales of Gavin Whyte, Shandon Baptiste and Tariq Fosu.

"It is great credit to Karl (Robinson), his staff and players that despite these sales we still had an incredibly successful season."

The profit comes despite the coronavirus pandemic hitting the club from March 2020, leaving United unable to fulfil their last nine fixtures of the season, but next year’s accounts are more likely show the impact of Covid.

Earlier this month, chairman Sumrith ‘Tiger’ Thanakarnjanasuth said the accounts were ‘remarkable’ and ‘showed the resilience of the football club’, while warning coronavirus was estimated to have cost United £2.3m.

The accounts, which are yet to be published on Companies House, show an increase in the playing budget was one of the few areas costs increased.

It came in a year when the U's reached the Sky Bet League One play-off final, the Carabao Cup quarter-finals and the Emirates FA Cup fourth round.

Off the pitch, United also took over the long-term lease for Oxford Sports Park, their training ground, which they will manage and run until 2042.

Davies continued: “To make a profit while we were making huge strides on and off the pitch is a wonderful effort.

"The shareholders supported the club by a further £3.3m during the year and that helped the club substantially reduce its third party creditor base.

"Perhaps most importantly during this period they also invested in the training ground and the club now have a long-term lease, with thanks also due to the city council for their help in the club now owning a facility which will benefit the club and the city of Oxford for years to come.”