Accounts due (8 Viewers)

[Evo1883]

Hmmm, so all that hassle and we're back to the same kind of figure we started with!

I suppose from 2005 to 2024 though , 1 million pound is of different value

 

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[Deleted member 5849]

The club owes DK £6m via the parent company (this is from the CovCityCo Ltd accounts):

View attachment 34330

A credit facility agreement? What's this loan actually for then? Running costs (but he said he'd fund them)? Something else?

 

[Evo1883]

1 million pound from 2005 is currently worth 1.8 million in 2024 , so the rent agreement is far better than before on that basis , I imagine it would have been re negotiated several times by now had sisu not played up

 

[The CableGuy]

The increase should be substantially bigger this year though with bigger crowds and more expensive tickets , better sales of merchandise in the shop too

Yep, it's like a proper football club, being properly run for the first time in years.

 

[oldfiver]

Under a £5m loss. Pretty decent figures considering the start to last season. All those games being moved had a terrible effect on ticket sales.

Have we any figures from other championship clubs to compare to?

Add the exceptional item in note 4 - a past accounting adjustment

 

[fernandopartridge]

Bristol City made a pre tax loss of 22.2 mill in 22/23

Norwich 27.2 mill

Bristol City against a significantly bigger turnover as well

 

[Evo1883]

A credit facility agreement? What's this loan actually for then? Running costs (but he said he'd fund them)? Something else?

Possibly initial input of funds ?

 

[alexccfc99]

Happy with the sound of that

 

[pusbccfc]

So after two (three if you count Burton) spells of homelessness, we end up paying the same rent as was in the original agreement.
I really miss Sisus business acumen

You only have to look at the stadium to see what we're getting for £1m in 2024.

It's pretty good. We've been given a decent amount of freedoms.

 

[CrawleySkyBlue]

Most important is that the £6m borrowing is interest free in both the Coventry City Limited and CovCityCo Limited (parent company) accounts. Pleased with this.

 

[Ccfcisparks]

The club owes DK £6m via the parent company (this is from the CovCityCo Ltd accounts):

View attachment 34330

That a typo in the official accounts?!

 

[Ccfcisparks]

They look pretty good overall, and the accounting looks a lot cleaner than the last set.

 

[Ccfcisparks]

@Happy_Martian

 

[It’sabatch87]

It’s nice to have accounts on time with our current owner!!

 

[jim20]

does anyone know if we get anything else from the rent know, e.g food and beverage, a cut of the car parking? As this was a big issue back when we first moved out

 

[MalcSB]

So after two (three if you count Burton) spells of homelessness, we end up paying the same rent as was in the original agreement.
I really miss Sisus business acumen

Have you taken inflation in to account? And wasn’t the original rent more like £1.3m?

 

[MalcSB]

“The club also reverted back to its historical name of Coventry City Football Club Limited”

I know it’s pedantic but you can’t “revert back”. It’s an official document ffs. Other than that I’m pleased.

To be even more pedantic, of course you can revert back. You do so by notifying companies house in n official document.

 

[alexccfc99]

does anyone know if we get anything else from the rent know, e.g food and beverage, a cut of the car parking? As this was a big issue back when we first moved out

That wouldn’t show on these accounts would they as the current license with Frasers didn’t start till the following year

 

[tomreagan84]

“The club also reverted back to its historical name of Coventry City Football Club Limited”

I know it’s pedantic but you can’t “revert back”. It’s an official document ffs. Other than that I’m pleased.

At least we’re not reverting forwards, that’d just be confusing.

Agree though, the report does all seem really non-negatively, positive.

To be even more pedantic, of course you can revert back. You do so by notifying companies house in n official document.

Do the official documents allow you to revert forwards?

That would be confusing.

 

[MusicDating]

Apropos of nothing; Notts Forest (yes, I know, it annoys them) are throwing their toys out of the pram over a potential £1m yearly rent Nottingham Forest could quit City Ground over council rent row

 

[Hiraeth]

You only have to look at the stadium to see what we're getting for £1m in 2024.

It's pretty good. We've been given a decent amount of freedoms.

Totally agree re the freedoms. It feels like the latest landlord is more stable and less insecure in terms of not minimising the link between the football club and the CBS Arena.

It is good to have an improvement in the year on year performance (albeit still a loss).

It feels even better to know that any questions such as the effectiveness or otherwise of the tactics employed by Sisu or the supposed willingness of the arena's previous owners to consider lease renegotiations / usage amendments, honouring their existing commitments such as primacy of fixtures are a thing of a much darker past.

 

[Brylowes]

Straight forward and fairly easy to understand (how things have changed ) I’m definitely no accountant but considering the accounts are for the period up to 31/05/23 they look pretty good and taking into account player sales, increased ticket sales, play-offs and TV revenue ‘you’d have to assume next year’s will be better still.

 

[JohnWH]

Can someone dumb this down for me. I mean, for a 5 year old.
If a 5 year old asks, "Are we in good shape financially" how would you respond.
I'm asking on behalf of all children out there. And a 5 year old asked me.

 

[Flying Fokker]

Can someone dumb this down for me. I mean, for a 5 year old.
If a 5 year old asks, "Are we in good shape financially" how would you respond.
I'm asking on behalf of all children out there. And a 5 year old asked me.

‘Daddy, can I have an ice cream or is it a chew again? Chew son, you have to learn to pay your way.

 

[fernandopartridge]

I wouldn't say we are in brilliant shape, the operating loss is £7m which is a third of turnover. It's only in the football world that this sort of annual loss is tolerated every year. It'll be interesting to see if any of that loss can be plugged this year.

Sent from my Pixel 7 using Tapatalk

 

[Brighton Sky Blue]

I wouldn't say we are in brilliant shape, the operating loss is £7m which is a third of turnover. It's only in the football world that this sort of annual loss is tolerated every year. It'll be interesting to see if any of that loss can be plugged this year.

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Probably yes by virtue of not spending all of the transfer revenue this year.

 

[pusbccfc]

Maguire has been up all night reading them

 

[pusbccfc]

Stuff like this proves why it's important not to suddenly throw £25k a week on Hamer or O'Hare.

I'm sure Doug is desperate to keep it at this rate.

 

[hamertime]

Apropos of nothing; Notts Forest (yes, I know, it annoys them) are throwing their toys out of the pram over a potential £1m yearly rent Nottingham Forest could quit City Ground over council rent row

Think it is a bit different, Forest own the stadium but the land it’s on is leased annd only has 33 years left so the council are proposing 1 million a year up from £250k.

The CBS owned by Fraser group is also on leased land from Coventry Council, but with a hell of a long time left.

 

[fernandopartridge]

Probably yes by virtue of not spending all of the transfer revenue this year.

The accounts talk about a net transfer spend of £8m subsequent to the 31 May but don't mention anything about the transfer income, not sure why that is?

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[alexccfc99]

Apropos of nothing; Notts Forest (yes, I know, it annoys them) are throwing their toys out of the pram over a potential £1m yearly rent Nottingham Forest could quit City Ground over council rent row

Jeez, The City Ground would be not only a huge loss to Forest but to Football in general

Leaving their historical ground in a perfect City centre location would probably take away a lot of the identity of Nottingham Forest

 

[oldfiver]

At least we’re not reverting forwards, that’d just be confusing.

Agree though, the report does all seem really non-negatively, positive.

Do the official documents allow you to revert forwards?

That would be confusing.

It is similar to forward planning ...

 

[wingy]

Stuff like this proves why it's important not to suddenly throw £25k a week on Hamer or O'Hare.

I'm sure Doug is desperate to keep it at this rate.

But is that fair across a squad or in O'Hare case signing on fee,clearly not?

 

[Boicey]

View attachment 34333
Happy with the sound of that

I’d be much happier if they were specific about what facilities and when they will be upgraded.
We’ve heard generally about ‘infrastructure upgrades’ for years.

 

[alexccfc99]

I’d be much happier if they were specific about what facilities and when they will be upgraded.
We’ve heard generally about ‘infrastructure upgrades’ for years.

Being as the only facilities we actually own are the training ground read between the lines