In July 2014, Waddock's contract was terminated after a change of ownership and he was replaced by Michael Appleton. Waddock's surprise sacking ensured he had the worst record of any Oxford manager, winning only once and losing seven times in his eight games in charge of the club. After an indifferent first season under Appleton, Oxford achieved promotion to League One in his second year in charge, finishing the 2015–16 season in 2nd place with 86 points. They also reached the final of the League Trophy at Wembley Stadium, only the club's third appearance at the national stadium, but were defeated 3–2 by their League One opponents Barnsley. In 2016–17, having sold Kemar Roofe during the close season for a record £3m and signed Marvin Johnson for an undisclosed fee also thought to be a club record, Oxford finished 8th in League One, four points short of the playoff places, and again lost in the final of the League Trophy at Wembley, this time to relegation-bound Coventry City. Appleton left the club to become assistant manager at Leicester City of the Premier League in June 2017, and was replaced by Pep Clotet, formerly assistant manager at Leeds United. On 22 January 2018, Clotet was sacked, with the club in 10th place in League One after a home defeat to bottom club Bury. After a lengthy period under caretaker-manager Derek Fazackerley during which the team slipped to within 4 points of the relegation zone, Karl Robinson, former manager of Milton Keynes Dons and Charlton Athletic, was appointed on 22 March 2018. Robinson had to wait five games for his first win, but his aim of retaining the club's League One status was achieved with three wins from the last five games of the season. The club finished in 16th place on 56 points, six points above the relegation zone.