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The Phoenix Trail follows a section of the route of the former Princes Risborough to Oxford railway line, between Princes Risborough and Thame, and was constructed by, and is currently managed, by Sustrans. After the closure of the through route between Princes Risborough and Oxford in 1967, this section from the junction with the Watlington branch line to Thame remained open until 1991 to serve the oil depot at Thame. After closure of this section the track was lifted later in the 1990s.

This is a permissive footpath with the kind permission of the landowner, presumably the Strategic Rail Authority, arranged by Sustrans. It is not a public right of way, and is open to walkers, cyclists, and horse riders only. All forms of motorized transport are banned.