Coventry City Owe Lots Of Money - Shocker!
By CovSid67
June 7 2011
Following the releasing of official figures, Coventry City are in debt to the tune of around £39 million, with auditor Julien Rye saying the club’s books cast 'significant doubt on the company’s ability to continue as a going concern'.
One local expert was quoted as saying [I confess, I'm paraphrasing the first part here]: 'The club is probably f***ed .... It is very rare for independent auditors to express the view given in this report.' While this paints a very bleak future for the club, it does mean once again mean Coventry City are breaking new ground (With an auditor offering an opinion).
In a bid to keep the club going, the club's directors have said they are searching for new investors, which, as ideas go, is right up there with the discovery of fire to make sure cold nights are less cold. Apparently, those that make such decisions have also stated they are looking to bring in better players than we already have....
While there coming to Coventry and selling on as soon as they proved their worth would not have resulted in the same ridiculously inflated transfer fees (One already bought, one on the verge of being bought), the two players Coventry City could have signed for what was a reasonable fee even in the Championship a year or so ago, Andy Carroll and Jordan Henderson, will have cost around £55 million. How Coventry City could have done with that. Or even half of that....
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The club is losing £12 million a year, so SISU, far from wiping out the debt is simply loaning the club money and adding to it.
If memory serves me, we owed £14 million about 3 or 4 years ago, so the debt figure is about right.
I think we are a poison challace for any investor, along with half the clubs in the football league.
There are no saviours out there so when SISU lose patience we will be history.
Edited 2 time(s). Last edit at 2011:06:12:19:16:33 by covkid53.