Accounts due (6 Viewers)

fernandopartridge said:

They bought some cryogenic device to help with recovery from injury too.

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Tearful Doctor ?

Coventry City Finances 2022/23​

From A Whisper To A Scream​

Coventry City’s owner Doug King described the weekend’s exhilarating FA Cup triumph against Premier League side Wolves as “our biggest win since 1987”, adding, “the stature is going up and we’re in the semi-final, where we haven’t been for 37 years.”
This means another trip to Wembley for the Sky Blues, where they will face Manchester United, though the club will be hoping for a better result than the narrow defeat in last season’s EFL Championship play-off final, when they lost to Luton Town on penalties.
In fairness, it was a great achievement for the West Midlands club to reach the play-offs after finishing the regular season in fifth place, which was their best league position since they were relegated from the top flight over 20 years ago in 2001.

Ownership​

These were the final accounts of Coventry’s previous owners, after local businessman King took ownership of the club in January 2023, initially through the acquisition of an 85% stake and then buying the remaining 15%.
The previous owners, London-based hedge fund SISU Capital, had saved the club from administration in 2007, but came under fire from many supporters for their penny pinching approach in subsequent years.
During their tenure, Coventry dropped down to League Two in 2017, but since then they have steadily recovered under manager Mark Robins. This success has been achieved on a very low budget, as will be seen by a review of their latest accounts.

Profit/(Loss) 2022/23​

In 2022/23 Coventry’s pre-tax loss reduced from £7.0m to £4.9m, though this was largely thanks to a £3.0m exceptional tax write-off.
That said, there was good growth in both revenue, up £2.3m (13%) from £18.1m to £20.4m, and profit from player sales, up £1.9m from £0.5m to £2.4m.
This was offset by operating expenses increasing £4.1m (17%) from £23.8m to £27.9m. Net interest payable was unchanged at £2.4m.
Reaching the play-off final helped drive the increase in Coventry’s revenue, especially match day, which rose £2.9m (68%) from £4.3m to £7.2m. Broadcasting was also slightly higher, up £0.2m (3%) to £9.0m, though commercial dropped £0.8m (17%) from £5.0m to £4.2m.
Coventry’s wage bill rose £2.8m (18%) from £15.7m to £18.5m, while player amortisation edged up £0.1m (4%) to £2.9m. Other expenses increased £1.2m (23%) from £5.2m to £6.4m.
In addition, there was a £0.3m asset write-off related to the replacement of one of the training pitches at Ryton.
Although losing money is clearly not ideal, Coventry’s £4.9m loss is actually the second best financial result of the 12 Championship clubs that have to date published 2022/23 accounts, so they cannot be accused of buying success.
Only one club generated a profit, which was Watford, whose £24m was driven by very high player sales following relegation...

Better reading than we’ve seen for a while. Take out Watford, which is from players being sold and not replaced, then considering our agreement re arena revenue, not bad at all.

I would imagine this fa cup run will help a bit as well in the next one.

Terry Gibson's perm said:

I would imagine this fa cup run will help a bit as well in the next one.

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This years F.A.Cup winnings so far are £900k.
IF we lose the semi another £500k, WHEN we win the semi another £1 million. So £1.4 million or £1.9 million. IF we lose in the final another £1 mill, WHEN we win the final another £2 million.
So Doug’s bank account has between £1.4 & £3.9 million coming his way.

fernandopartridge said:

Looks like the rent at the Arena is probably around £1m p/a

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Not to open a can of worms, but isn’t that the same rent we went on strike about?

£1.2 - 1.3 m

shmmeee said:

Not to open a can of worms, but isn’t that the same rent we went on strike about?

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It helps having someone owning if less than the mortgage,apart from sorting the dilapidations

fernandopartridge said:

The rent was £1.2m plus additional match day costs, so not sure if they compare like for like especially given a 5 year v 50 year license?

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Inflation too would mean it would be what? £2m ish today?

shmmeee said:

Inflation too would mean it would be what? £2m ish today?

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Luckily onerous mortgage is not an issue this time!

"Although losing money is clearly not ideal, Coventry’s £4.9m loss is actually the second best financial result of the 12 Championship clubs that have to date published 2022/23 accounts, so they cannot be accused of buying success.
Only one club generated a profit, which was Watford, whose £24m was driven by very high player sales following relegation..."

This part is crucial. We've become one of the best run clubs in the division.

I guess we have Boddy to thank for that

bigfatronssba said:

"Although losing money is clearly not ideal, Coventry’s £4.9m loss is actually the second best financial result of the 12 Championship clubs that have to date published 2022/23 accounts, so they cannot be accused of buying success.
Only one club generated a profit, which was Watford, whose £24m was driven by very high player sales following relegation..."

This part is crucial. We've become one of the best run clubs in the division.

I guess we have Boddy to thank for that

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I was stood by him at Wolves in the Steve Bull lower, no corporate tickets for him fair play

bigfatronssba said:

"Although losing money is clearly not ideal, Coventry’s £4.9m loss is actually the second best financial result of the 12 Championship clubs that have to date published 2022/23 accounts, so they cannot be accused of buying success.
Only one club generated a profit, which was Watford, whose £24m was driven by very high player sales following relegation..."

This part is crucial. We've become one of the best run clubs in the division.

I guess we have Boddy to thank for that

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The real losses actually are £7.9m - the exceptional tax allowance of £3m distorts the figures. There are also profits from transfers so operating losses are far worse than stated

bigfatronssba said:

"Although losing money is clearly not ideal, Coventry’s £4.9m loss is actually the second best financial result of the 12 Championship clubs that have to date published 2022/23 accounts, so they cannot be accused of buying success.
Only one club generated a profit, which was Watford, whose £24m was driven by very high player sales following relegation..."

This part is crucial. We've become one of the best run clubs in the division.

I guess we have Boddy to thank for that

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I mean it's all relative isn't it.

One of the best run clubs in the division is still an absolute basket case from a long term financial perspective.

Well we're all seduced by it aren't we,and could go the way of others!