Coventry City Finances 2023/24

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Coventry City’s 2023/24 accounts covered a season when the club said that it was “in contention for a place in the Championship play-offs for much of the campaign”, though it ultimately finished ninth, unable to repeat the previous year’s feat of reaching the play-off final.

They also enjoyed an “amazing run” to the FA Cup semi-final, which meant that they once again got to Wembley, though they suffered the heartbreak of another defeat on penalties, this time against Manchester United. Their successful run included a quarter-final win at Premier League side Wolves.

However, a disappointing start to the current season led to the departure of long-serving manager Mark Robins in November 2024, when he was replaced by Frank Lampard.

This came as something of a surprise, as Robins had guided the Sky Blues from the lower end of League One all the way to the Championship play-offs, but the club was languishing in 17th place when the “difficult” decision was taken to terminate his contract.

Given Lampard’s patchy record at Everton and Chelsea, it’s fair to say that many supporters were underwhelmed by this choice, but “Super” Frank has outperformed expectations by taking Coventry into the play-off places.

Ownership

This is the first set of accounts under Coventry’s new owners, after local businessman King purchased the club in January 2023, initially through the acquisition of an 85% stake and then buying the remaining 15%.

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

King said, “The change in ownership continues to be an exciting venture for the club, and with the debt restructure that took place, the club will, and have, benefitted in many financial aspects, especially with the club no longer being tied to either interest or management charges.”

Profit/(Loss) 2023/24

Coventry swung from a £4.9m pre-tax loss to an £8.7m profit, mainly thanks to a huge improvement in profit from player sales, which shot up from just £2.4m to £23.7m, though revenue also rose £8.9m (44%) from £20.4m to £29.3m.

However King sounded a note of caution, “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.”

Indeed, significant investment in the squad and club infrastructure led to a steep rise in operating costs, which rose £16.3m (58%) from £27.9m to £44.2m, though net interest payable was cut from £2.4m to zero.

All three revenue streams increased, led by commercial, which more than doubled from £4.2m to £9.1m, though there was also decent growth in match day, up £2.8m (40%) from £7.2m to £10.0m, and broadcasting, up £1.1m (12%) from £9.0m to £10.1m.

Coventry’s wage bill rose £5.5m (31%) from (restated) £17.9m to £23.4m, while player amortisation nearly tripled from £2.9m to £8.3m. Depreciation quadrupled from £0.2m to £0.8m, while other expenses increased by two-thirds (£4.7m) from £7.0m to £11.7m.

The previous year was hit by a £0.3m asset write-off related to the replacement of one of the training pitches at Ryton.

Coventry’s £8.7m profit is the second best result to date in the 2023/24 Championship, only behind Watford’s £12.8m.