OXFORD United’s board have unanimously opted to vote for a U-turn in the Checkatrade Trophy format – despite chairman Darryl Eales admitting it was a “stupid decision” financially.

Following a meeting to discuss the future of the competition last month, all clubs in Sky Bet Leagues One and Two have until tomorrow to notify the English Football League (EFL) of their preferred option.

The choices on the table are a tweaked version of this season’s controversial structure – with 16 Category One academy sides – reverting to the previous 48-team set-up, or scrap it altogether.

Eales was keen to keep an open mind, but after consulting with board members, there was no need to have a formal debate.

He said: “We didn’t have a discussion, I asked them to send me their individual views and they all came back with the same answer.

“We have voted to revert to the 48-team competition.

“Financially it’s a stupid decision, because we’re going to be quite a lot of money down.”

The sponsorship package agreed last summer rose significantly to £1.95m, which included prize money for wins and draws in the new group stage.

United earned £180,000 from their run to finish runners-up at Wembley last month.

Eales’s understanding of the situation is the figures will go up again next season – but only if the existing structure remains, which includes the invited teams.

United’s owner said: “Under the new arrangement if it stays with the current format it would be £20,000 for a win in the group.

“Whereas there is no prize money at this moment (for the 48-team option), so you could be £50,000-150,000 out of pocket quite easily.”

Any such income stream is valuable to United, whose most recent accounts showed a £1.8m loss.

But for Eales, the principle is worth the sacrifice.

He said: “As a fan I can’t conceive of a final between Oxford United and Leicester under 21s – that would hold no credibility to me. You are devaluing the competition.

“You can applaud Premier League sides trying to give their young players proper first-team football against men, I just think there’s a more creative way of doing it.

“It’s not a holier-than-thou principle, it’s just on balance I think we’re better off going back to 48 teams, where the prize is getting to Wembley as a club.”

l BRADFORD City will meet Millwall in the League One play-off final after they beat Fleetwood Town and Scunthorpe United respectively, while Blackburn Rovers were relegated from the Championship.