Accounts Published - May 2024 (25 Viewers)

[SkyBlueSoul]

https://www.ccfc.co.uk/news/2025/february/27/news--coventry-city-football-club-limited-file-accounts-for-year-ended-31st-may-2024/

 

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[SkyBlueSoul]

Compared to the previous accounting period, turnover increased by nearly £9m to just shy of £30m.

There was an increase of nearly £3m in match ticket receipts as a result of season ticket sales, higher attendances, and increased cup revenue due to the club’s FA Cup progress. Broadcasting revenue increased by just over £1m, which was predominantly down also to the FA Cup run.

Other commercial income increased by nearly £5m, largely due to increased retail revenue having taken the retail operation fully in-house for a whole financial year. Accordingly, the cost of sales increased by just over £3m.

Excluding amortisation and depreciation charges, operating administrative expenses increased significantly by just over £6.5m.

The majority of this increased expenditure was on player remuneration through an incredibly significant recruitment drive with eleven new players joining the club in this reporting period.

Profits on sales of players showed a significant increase to just under £24m, nearly all arising from the sales of Viktor Gyokeres to Sporting Lisbon and Gustavo Hamer to Sheffield United both in the summer of 2023.

As a result of the significant increase in profit from the sales of players, the Club recorded a Profit Before Tax of £8.7m.

During this accounting period, as outlined above, there has been considerable investment made in the playing squad through higher wages and significant transfer fees that were in excess of £30m. This reset and growth of the clubs’ First Team squad has also continued meaningfully into the 2024/25 season.

The upgrade of the clubs’ facilities at the Ryton training ground and the Coventry Building Society Arena plus a range of other improvements across the Football Club has needed significant injections of capital over this period. The club will continue to invest in these areas to attract high quality players and to enhance the match day experience of our fans without whom, none of this would be possible. Think Big. Aim High. The Sky Blues’ journey continues.

 

[JSL]

Makes positive reading

 

[Grendel]

It’s still a £5 million loss despite some big turnover increases

 

[Skyblueweeman]

It’s still a £5 million loss despite some big turnover increases

I've not looked at the article or the detail but doesn't the above say:

As a result of the significant increase in profit from the sales of players, the Club recorded a Profit Before Tax of £8.7m.

?

 

[edgy]

What have been the comparable loses over the last 3 or 4 years?

 

[SHUNT31]

It’s still a £5 million loss despite some big turnover increases

For a competitive championship side, £5m loss is exceptional.

Just checked the accounts, where did you get £5m from?

 

[Grendel]

I've not looked at the article or the detail but doesn't the above say:

As a result of the significant increase in profit from the sales of players, the Club recorded a Profit Before Tax of £8.7m.

?

Operating loss of £5 million

 

[fernandopartridge]

The amounts owing to the owner have increased by £24m

 

[SHUNT31]

Operating loss of £5 million

You can’t use that figure though as player sales will ALWAYS be a part of a championship clubs’ strategy.

And operating loss is £14.9m?

 

[JSL]

I wonder if the fee for EMC was included in those accounts even though he didnt actually join until the summer

 

[SHUNT31]

The £2m additions of freehold buildings is interesting, not sure I remember the club purchasing anything. Wonder what that relates to?

 

[SHUNT31]

I wonder if the fee for EMC was included in those accounts even though he didnt actually join until the summer

Yes, because he was our player from Jan and loaned back to Posh.

 

[JSL]

The £2m additions of freehold buildings is interesting, not sure I remember the club purchasing anything. Wonder what that relates to?

Secret deal for the Connexion maybe?

 

[JSL]

Yes, because he was our player from Jan and loaned back to Posh.

I thought I saw an interview where the Posh chairman said we didnt have to pay until the summer as long as we loaned him back. Whether that is technically possible or even happened is a different matter

 

[Grendel]

You can’t use that figure though as player sales will ALWAYS be a part of a championship clubs’ strategy.

And operating loss is £14.9m?

Im quoting the summary - I haven’t read the details yet.

 

[SHUNT31]

King of Shaves paid £300k for shirt sponsorship last year.

 

[Sky Blue Goblin]

Just reading this now, Doug put in £24,000,000 this year as a non interest loan. On top of the £6,000,000 put in last year.

 

[fernandopartridge]

It'd be interesting to see the how the profit on player sales is calculated. Nowhere in the accounts are the transfer fees paid obvious, are they?

 

[SHUNT31]

I thought I saw an interview where the Posh chairman said we didnt have to pay until the summer as long as we loaned him back. Whether that is technically possible or even happened is a different matter

It’s done on something called the accruals basis. So will be recognised in the accounts as soon as he became ours. The timing of the payment is not really relevant although would appear on the balance sheet as a debtor.

 

[Gynnsthetonic]

Just reading this now, Doug put in £24,000,000 this year as a non interest loan. On top of the £6,000,000 put in last year.

But he doesn't put his own money in, the Norfolk Fraud.
That's what others have said not me by the way

 

[SHUNT31]

Secret deal for the Connexion maybe?

There were rumours of this, and it did spring to mind. But sure there’d have announced it by now.

 

[fernandopartridge]

Wages to turnover is just over 80% now, wage bill has grown broadly in line with turnover

 

[Liquid Gold]

That’s quite a positive set of accounts and puts us in good stead for FFP (or whatever it’s called at this level).

This year will certainly yield very different results though and I’d be extremely surprised if Doug didn’t insist we cash in on a few players this summer.

 

[Sky Blue Goblin]

Last thing lease is £1,103,427 for last year and will be £5,666,594 once all the years are done

 

[SHUNT31]

Retail revenue increased by over 100%.

 

[Captain Dart]

Post reporting date events
Transfers of player registrations subsequent to 31 May 2024, taking into account applicable costs and player acquisitions, resulted in a net £10,962,266 (2023 - £8,918,219) payable by the club.

 

[fernandopartridge]

To be fair to King he's put his money where his mouth is imo

 

[SHUNT31]

To be fair to King he's put his money where his mouth is imo

He’s skint though.

 

[Liquid Gold]

The £2m additions of freehold buildings is interesting, not sure I remember the club purchasing anything. Wonder what that relates to?

I’m thinking this could be additions of fixed assets related to Ryton improvements.

 

[fernandopartridge]

He’s skint though.

To be fair he might soon be trying to invest in a football club

 

[Sky Blue Goblin]

Retail revenue increased by over 100%.

Retro line keeping the club afloat

 

[SonofErnie]

I've not looked at the article or the detail but doesn't the above say:

As a result of the significant increase in profit from the sales of players, the Club recorded a Profit Before Tax of £8.7m.

?

It demonstrates that club is only viable when profits from player sales are included. Without them there is a £15/16m operating loss.

 

[Liquid Gold]

Doug may be slightly over leveraged but he has a very saleable championship club now. Much different to the mess Sisu could barely give away.

 

[Mucca Mad Boys]

Yes, because he was our player from Jan and loaned back to Posh.

Peterborough’s owner mentioned that it was agreed that the fee would be paid in the summer. A deferred payment may appear in the 2025 books potentially.

However, my (unqualified) assumption would be that for accounting purposes, the fee would’ve been paid in Jan.