Coventry City Finances 2021/22

Sky Blue Sky

So Coventry City ultimately fell at the final hurdle, agonisingly losing on penalties to Luton Town in the EFL Championship play-off final, though it had been a mighty achievement for the Sky Blues to even get there, rightly acclaimed by the football community.

The West Midlands club had ended the regular season in fifth place, which was their best finish since they were relegated from the top flight over 20 years ago in 2001. That was impressive enough, but what is particularly striking is that this means that Coventry have improved their league position five years in a row under manager Mark Robins.

The former Manchester United striker had taken control in 2017, as Coventry dropped down to League Two., but two promotions since then have taken the Sky Blues back to within spitting distance of the Premier League.

It is clear that Robins has done an outstanding job, as Coventry have faced many issues off the pitch in recent years, including twice being forced to play home games outside Coventry.

They have not owned their stadium since leaving Highfield Road after their old ground was sold for property development in 2005. They first had to play their home games in Northampton in 2013/14, then ground share in Birmingham for the two seasons between 2019 and 2021, before returning to Coventry.

Ownership

London-based hedge fund SISU Capital Limited had saved the club from administration in 2007, but came under fire from many supporters for their penny pinching approach.

However, the SISU era recently came to a close, after local businessman Doug King took ownership of the club in January 2023, initially through the acquisition of an 85% stake and then buying the remaining 15%.

Just to make Coventry’s renaissance even more inspirational, it has been achieved on a very low budget, as can be seen by a review of their 2021/22 accounts. These covered a season when the Sky Blues “achieved another creditable finishing position” of 12th in the Championship.

Profit/(Loss) 2021/22

Coventry’s pre-tax loss widened from £4.7m to £7.0m, despite revenue rising £6.3m (53%) from £11.8m to £18.1m. This was offset by operating expenses increasing £6.4m (38%) from £16.8m to £23.2m.

In addition, there were reductions in both profit from player sales, down from £1.9m to £0.5m, and other operating income, down £0.5m from £0.6m to £0.1m. Net interest payable was £0.2m higher at £2.4m.

Coventry’s higher revenue was largely due to the return of fans to the stadium following the removal of COVID restrictions, which helped drive increases in match day, up from just £273k to £4.3m, and commercial, which nearly doubled from £2.7m to £5.0m. However, broadcasting slightly reduced by £0.1m to £8.8m.

Coventry continued to invest in the squad: wages rose £2.5m (19%) from £13.2m to £15.7m, while player amortisation was up £1.0m (53%) from £1.8m to £2.8m. Other expenses almost tripled, rising £3.4m from £1.8m to £5.2m, largely due to the higher costs of staging games with fans.