We've highlighted the main points from the accounts, which demonstrate an on-going commitment to the club's Academy...
Coventry City Football Club (Otium Entertainment Group) and parent company Sky Blue Sports and Leisure have published the latest set of accounts for the year ended 31 May, 2016.
The financial statements show improvement in the financial stability of the business over the last twelve months.
In order to help fans understand the information contained within the documents that have been filed, please find below the key points from these accounts:
- The accounts show an annual operating profit after sale of player registrations of £601,756 for the period 1 June 2015 and 31 May 2016, compared to a loss of £1,938,126 in the prior year.
- The total club turnover during this period was £5,445,427 – up from £4,763,515 in the previous accounts covering the 2014/15 financial year.
- During this time, direct operating costs decreased from the previous year from £1,517,404 to £1,122,123. This is predominately due to the outsourcing of retail and change in the mechanics of the programme operations.
- Staff costs decreased from the previous year from £5,035,061 to £4,306,746. This is due to an exceptional revaluation of the pension scheme in the prior year, along with changes to the player bonus structure and reductions on administration staff head count.
- Interest payable has increased in the period from £1,369,689 to £2,470,973. This is a result of additional withholding tax due on the interest owed to ARVO. During this period a value of £25,000 was paid in interest, so the value in the accounts is predominately accrued interest not paid.
- The accounts show a significant on-going investment in the club’s Academy. Under EPPP rules, the club must commit a minimum contribution of £510,000 to maintain Category Two Academy status. For the period 2015-2016, the club committed in excess of £600,000.
Coventry City FC Chairman Tim Fisher said: "The football club is satisfied with the positive nature of the financial results; however, we are extremely concerned to be in the relegation zone at this point in the season. Irrespective of the size of the task ahead, League One status is the priority focus for the club."
Click here for Otium accounts.
Click here for SBSL accounts.