Fair Game is a campaign group working to improve how football is governed and has said the sport is “far from perfect” but sees the potential for improvement with the likely introduction of a football regulator.
The organisation has put together a fairness index for football, drawing on over 220 data sources covering club finances, commitment to equality, fan engagement, and governance in England’s top leagues.
Oxford United scored 33.9 out of 100 on the index which places the club 16th of all clubs in League 1 last season.
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The club was ranked 76th across all the clubs in the top seven divisions in English football.
In League 1, Cambridge United topped the rankings, with Exeter City taking the second spot and Carlisle United in third.
At the other end of the table, Reading were bottom followed by Stevenage and Port Vale.
Niall Couper, CEO of Fair Game, said: “Football is far from perfect but with the likelihood of an incoming football regulator there is a real chance to change it for the better.
“To deliver real and meaningful change we need to understand the problems.”
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He added: “This year, several overall themes have emerged: financial sustainability goes hand in hand with good governance and fan engagement.
“Football’s financial flow is undermining sustainability, and equality and ethical standards are on average treated as lip service.
“In short, football in England needs a truly independent regulator that can oversee good governance, reshape football’s financial flow, and ensure issues around equality and ethics get the support and respect they deserve.”
Greg Campbell, partner at Campbell Tickell and leading expert on regulative practices in the UK, said: “From my experience working in different sectors, the reality is that, however well-intentioned, self-regulation such as we have in football now, doesn’t work.
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“So, as we move towards the establishment of an independent regulator, there’s clear learning from the Index for that regulator, once established, to examine.
“We look forward to seeing the new Football Governance Bill, which will hopefully tighten up on some of the areas in which the earlier version of the bill introduced before the General Election, was light.”
The DCMS said it will establish a new Independent Football Regulator to tackle governance problems, empower fans, and protect the sustainability of the sport for local communities.
Oxford United were promoted from League One to the Championship at the end of last season thanks to a play-off final win over Bolton Wanderers at Wembley.
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