The Coventry City Football Club, which Doug King acquired in January 2023, has published its first financial report.
Due to higher expenses in the Championship, the Sky Blues announced an almost £8 million loss for the 2022–2023 fiscal year. However, this was lessened by the profit from player registration sales in 2022–2023, which increased dramatically from £494,000 to £2.368 million. Dom Hyam’s August 2022 transfer to Blackburn Rovers was a major factor in this.
Coventry City made it to the EFL Championship Play-Off Final in the 2022–2023 season, and they also signed a five-year extension with Frasers Group to play in the Coventry Building Society Arena.
After Doug King was acquired in late January 2023, the club’s debt was converted to equity, leaving it debt-free, and turnover increased by nearly £2 million to £20.4 million.
A new pitch worth more than £1 million was erected at the location in the summer of 2023, addressing any possible pitch concerns and preventing the suspended points deduction that threatened to derail the team until the end of the 2023–2024 campaign.
“We are pleased to share the Accounts for the year ended May 31, 2023,” stated owner Doug King. These are the last records of the former Club owners, but as we can see from the measures taken since the takeover in January 2023, a new chapter in the history of this magnificent Club is only getting started.
