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, 2017.
The financial statements shows a further reduction in operating losses of the business over the last twelve months, with turnover increasing during the period.
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 total club turnover during this period was £6,134,192 – up from £5,445,427 in the previous accounts covering the 2015/16 financial year, an increase of £688,765.
- The accounts show a reduction of nearly £650K in the club’s operating loss, standing at (£1,108,529) in 2016/17 compared to (£1,753,030) in the 2015/16 financial year.
- During this time, direct operating costs increased from the previous year to £1,506,587 from £1,122,123 – an increase of £384,464. This is partly due to additional costs for Cup matches, and due to the running of the new ticketing software system, TicketMaster.
- Staff costs to 31 May 2017 decreased from the previous year, from £4,306,746 to £4,172,030
- Interest payable has decreased in the period to £1,858,410, from £2,470,973. During this period a value of £39,105 was paid in interest, so the value in the accounts is predominately accrued interest not paid.
Coventry City Chairman Tim Fisher said: "The latest accounts may show further improvement in the Club’s financial results and therefore financial stability, however, despite the Checkatrade Trophy success the club under performed on the pitch during the 2016/17 season and was relegated to League Two. Changes have been made to improve the playing side with the introduction of a player recruitment framework and a renewed focus on players' physicality, strength & conditioning.
“Those changes mean the club can focus on our aim of achieving promotion back to League One this season.”