Oxford chairman apologises over transfer embargo

Oxford United were relegated from the Championship last season [Getty Images] Oxford United chairman Dusan Bogdanovic has "sincerely apologised" to supporters after the U's were put under a temporary transfer embargo by the English Football League (EFL). The League One side will not be able to register new players in the summer transfer window because they are not compliant with the EFL's salary cost management protocol (SCMP) regulations. In an open letter to fans , Bogdanovic said: "I am acutely aware of the trust that has been placed in the shareholders and the board, and that developments of this nature can lead to the relationship we have with you being called into question. "Our shareholders remain fully committed to the club and will continue to provide the funding and support they have consistently given throughout their ownership." The Dub podcast: The dust settles on Oxford's transfer embargo The SCMP protocols are the financial fair play rules for all League One and League Two clubs, setting limits on the proportion of a club's turnover that can be spent on player-related costs. Oxford are back in League One, having been relegated from the Championship in April, and last month appointed former Arsenal and Wales midfielder Aaron Ramsey as their new head coach. "I want to sincerely apologise for the uncertainty and concern that recent news regarding our registration embargo has caused," Bogdanovic wrote. "Over the last few seasons, we had to rapidly adjust to the realities of competing in a higher division and the increase in funding that required. "Despite our best efforts, we were unable to retain our Championship status and are now working through the challenges that higher costs, reduced revenues and new financial rules present." Bogdanovic also reassured fans that securing a new stadium for the club remains the "cornerstone of our long-term strategy" and insisted there was reason for optimism. "We have an outstanding head coach, a strong and talented squad, an incredible supporter base that continues to back the club, and shareholders who have demonstrated time and again their commitment to Oxford United," he added. "Together, we have overcome challenges before, and we will do so again. The future of Oxford United is bright and our ambitions remain unchanged. This is a short-term issue that requires a pragmatic approach. By doing so, we can build back stronger." Latest Oxford United news, analysis and fan views Listen to Oxford United content on BBC Sounds