Sky Blues back in the black as return to League One pays off

Coventry City have posted a small profit for the year ending 31 May 2019 – the club’s first season back in League One.

The Sky Blues turned a £2.5m loss in 2018 to a £70,000 profit last year, while turnover also rose by almost £290,000 to just under £6m.

However, The operating loss of the Club increased by £599,197 – from £1,616,359 in 2018 to £2,215,556 in 2019. This was a direct consequence of administrative expenses increasing by £971,205 through increased employee costs and paying off players’contracts early, both as a result of promotion to League 1.

Coventry City chairman Tim Fisher said: “The accounts show that for the first time in many years, and unusually among many football clubs, the Club has shown a small profit in its accounts for the period to 31st May 2019.

“That was as a result of profit on sales of James Maddison and Marc McNulty, offsetting the operational losses of the Club.

“Operating costs increased as we moved up to League One and invested in the playing squad and the support structure for it, resulting in an 8th place finish in League One last season and other improvements at the Club. At the same time, our revenues increased.

“The Football Club continues to have significant liabilities to the Owners SISU, however the Club has received written confirmation from the owners of their intention to continue to provide support to the Football Club and to not demand repayment in the foreseeable future.

“It was a positive first season back in League One, and we are making further progress this season and are looking forward to what we hope will be an exciting finish to the campaign.

“I would like to thank all of the Coventry City supporters who have provided their backing for the team, our sponsors and partners for their support, and the players and staff at the Football Club for their ongoing hard work too.”

Fisher added: “As mentioned in the accounts, the board continues to explore the possibilities of a return to Coventry as soon as we are able to – it is our home, the city we are proud to represent and the place that everyone agrees that we should be playing.

“However, in the absence of any agreement being reached for a return, would seek to implement the option to continue the ground share at St Andrew’s to ensure the fulfilment of our fixtures.”