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O/T Coventry City and football finances.

morty

morty

Moderator
Staff member




The long and short of the above is that for every £100 of fan income last year, Coventry City paid £195 in wages and £107 in interest. It was only the sale of Maddison to us that kept their losses down to 35k a week.

You have to say its a crying shame to see a club in this state, but it didn't happen over night, surely they could have done something before it got this bad?
 
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morty

morty

Moderator
Staff member
Found this article from The Guardian which seems to explain the sorry saga quite well.

https://www.theguardian.com/football/blog/2016/oct/12/coventry-city-decline-despair-league-one

Looks like Sisu a hedge fund is the fly in the ointment, but I'm no accountant.
Good article. I would say that the decision to buy a stadium they couldn't really afford to pay for was the first bad decision. Then there will always be people like Sisu around for helpful loans to paper over the cracks. For Sisu read "Marcus Evans".
 
OldRobert

OldRobert

Well-Known Member
It's a shame to see Coventry in the state they're in.  I wouldn't feel the same about the binners if ME got them into the same situation, but we can but hope!
 
Canaryboy

Canaryboy

Well-Known Member
This is why I hate seeing people suggest we move to a larger out of town stadium. They are often soulless places and we have no idea how much of a positive impact our central location near to a train station and 15 min walk to one of the best retail centres in the country has on our attendances. A lot has built up around the football stadium because the football stadium is there, would take decades to replace that. I guess they banked on success filling their new stadium, the opposite happened. 

Coventry wouldn't be the first club to be brought to their knees by moving to an expensive stadium with far more seats than they need, happened to Darlington too. 

I don't think Coventry were even selling out Highfield Road, one of the reasons stated for the need to move was a lack of parking facilities near to the ground. Would surely have been much cheaper and lower risk to build a big multi-story somewhere and run some shuttle buses on a Saturday if it wasn't near the ground, like a football park and ride, would also make revenue all week if in the right location and they could have done some sort of co-ownership deal with NCP. I believe we were looking into something like that at some point (without the shuttle bus, as ours would have been near the ground).
 
Canaryboy

Canaryboy

Well-Known Member
It's a shame to see Coventry in the state they're in.  I wouldn't feel the same about the binners if ME got them into the same situation, but we can but hope!
I wouldn't want their entire existence threatened, some of their fans are just normal people. Plus the rest of them, the freaks, might start buying Norwich shirts and give us a bad rep. But 15 years in League 1, with a couple of cup fixtures against their Premier League rivals down the road so we can build some new chants around derby day hat tricks - that would be very nice. 
 
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