Its an interesting question given that we have two teams in the city. Would people, and therefore investment, naturally gravitate to the team playing in the higher league? City are what, two promotions away from league football?
Don't get me wrong, I am Oxford United through and through and would naturally back that project however I could. It'd be interesting to see if the general football going public would though. City would have a massive opportunity to market themselves as the best standard of football, and United may struggle to get that floating fan base back.
That also leads to investment. With a large fanbase we'd walk early leagues, however at some stage you reach a level where say hypothetically you've lost 2,000 fans to a potential league City side, then all of a sudden your a small to mid size conference team. That league was hard enough with a large fanbase and decent budget. All phoenix teams seem to hit their level, which is usually lower than anyone expects. Wimbledon seem to be the exception to that rule, but they have massively punched above their weight with a team that is a mid league two side really.