Sky Blues reveal first financial results under new ownership
Coventry City Football Club has released its first financial report since Doug King acquired the club in January 2023.
In the 2022/23 financial year, thanks to increased costs in the Championship the Sky Blues reported a loss of almost £8m. This was however, alleviated by profit from player registration sales, which soared from £494,000 to £2.368m in 2022/23, largely due to the transfer of Dom Hyam to Blackburn Rovers in August 2022.
The 2022/23 season saw Coventry City reach the EFL Championship Play-Off Final and secure a new five-year license agreement with Frasers Group to continue playing at the Coventry Building Society Arena.
Upon Doug King’s acquisition in late January 2023, existing club debt was transformed into equity, making the club debt-free and turnover surged by more than £2m to £20.4m.
More than £1m was invested in a new pitch installed at the venue in the Summer of 2023, resolving any potential pitch issues and averting the suspended points deduction looming over the club until the end of the 2023/24 season.
Owner Doug King said: “We are pleased to share the Accounts for the year ended 31st May 2023. These accounts are the final accounts of the previous owners of the Club, but the actions since the January 2023 takeover demonstrate that a new era of this great Club is just beginning.
“Our goal is to reach the Premier League sustainably, improving the operating performance of the Club each year. We will also upgrade our facilities that have been neglected for too long and must reflect our new ambitions.”
These results come as Coventry City take on West Bromwich Albion tonight.
