Coventry City have reported a pre-tax profit of £8.7m in their first full season under the ownership of Doug King.
Coventry City Football Club Limited has published its accounts for the year ended May 31, 2024, which shows the club’s turnover increased by nearly £9m to just shy of £30m.
There was also a huge increase of nearly £3m in match ticket receipts as a result of season ticket sales, higher attendances and increased FA Cup revenue as they reached the semi-final, losing to Manchester United at Wembley.
Broadcasting revenue also increased by just over £1m, which was predominantly down to the FA Cup run.
The Sky Blues made just under £24m in profits on sales of players, with Viktor Gyokeres notably leaving for Sporting Lisbon and Gustavo Hamer departing for Sheffield United in the summer of 2023.
Owner and executive chairman Doug King said: “These financial results are flattered by the high-profile sales of two outstanding players and the incredible FA Cup run that ended so dramatically and heartbreakingly at Wembley.
“The proceeds of these sales and more were invested in an unprecedented recruitment of new Coventry City players. Those players contributed to a hugely exciting and high-profile season for the Club.
“The Club has also invested significantly in upgrading its facilities, particularly at Ryton where decades of underinvestment have been mostly righted.
“Whilst the set of accounts published contains a lot of information, the key metrics are that at an operational level the Club (Earnings Before Interest and Tax, Depreciation and Amortization) operated at an annual loss of around £5m.
“This was similar to the 22/23 financial year operating loss and highlights that the running of a Championship football club still requires significant external support to make ends meet in the simplicity of revenue in/costs out. All capital expenditure spending on infrastructure comes on top.
“Having said that, the near 50% increase in both revenue and cost in 23/24 (with the cost growth targeted on the quality of the first team playing squad) is critical. Our Club now has the ability to attract and remunerate in a disciplined but appropriate way the higher quality player needed for us to be successful. If you recruit well, there is unsurprisingly a strong correlation between squad operating cost (player quality) and Club performance.
“Whilst the Club is therefore putting itself in the right position to be successful there is a huge amount more that still needs to be done. I understand the recent months have been a difficult period of change for our Football Club, I would like to personally thank all our fans who continue to show they are up for this challenge, who believe in this journey and with their unwavering support both vocal and financial are driving our club towards the top tier of English Football once again.”
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