Our Finances (2 Viewers)

[blunted]

Unfortunately, Old Sky Blue is no longer around to clarify matters, and I get without accounts it is difficult to know how we now stand financially.
King said we are losing £7 million a season.
Yet if we believe what has been said (ho ho), we bought the stadium for £40 million but also offered £10 million for Hughes.
I have read Haji, Simms and Grimes are on £25k a week.
Do we have a silent investor or is it all bullshit.
Would welcome any observations.

 

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[Sky Blue Harry H]

My observation is that DK has obtained the stadium (obviously beyond brilliant) which will allow us a lot more latitude for future spending (due to increased revenue). At the same time, he has been prudent with regards to spending, with what looks like decent quality in terms of KKH and Woolfenden, covering our GK position sensibly, and buying potential in Brau, He has cut costs getting rid of some deadwood (e.g.Collins) allowed some loan deals to gain experience (hope we have a recall option on Rapha), and sold an asset for what seems like a fantastic price. This is whilst keeping hold of our 3 most valuable assets. I am eager for success, and this season could be hampered by injuries, however I have rarely felt as confident that the club is in good hands. We must look more attractive to outside investors than we have done in decades. Re: stadium purchase, I doubt the total cost will all have been up front.

 

[Hullinho87]

Unfortunately, Old Sky Blue is no longer around to clarify matters, and I get without accounts it is difficult to know how we now stand financially.
King said we are losing £7 million a season.
Yet if we believe what has been said (ho ho), we bought the stadium for £40 million but also offered £10 million for Hughes.
I have read Haji, Simms and Grimes are on £25k a week.
Do we have a silent investor or is it all bullshit.
Would welcome any observations.

In theory, losses clubs make don’t really correlate with what is spent.
All EFL clubs run at a loss even with huge commercial revenue increases, & many still spend big. Considerably more than we have, stadium or no stadium.

Annual Review of Football Finance: Football League Clubs

EFL Championship clubs’ revenues approached £1.0 billion in 2023/24, up 28% (£207m) compared to 2022/23.

www.deloitte.com

 

[Hobo]

The £40 million for the stadium will be a long term investment with a loan/mortgage . But seems cheap when you look at the cost of modern stadiums. I appreciate some of these are bigger than ours but even so;

£71 million: The Gtech Community Stadium for Brentford FC.
£93 million: The AMEX Stadium for Brighton & Hove Albion.
£390 million: The Emirates Stadium for Arsenal.
£1 billion: The Tottenham Hotspur Stadium.
£2 billion: Manchester United's estimated cost for a new stadium.

 

[StrettoBoy]

Re; stadium purchase, I doubt thee total cost will all have been up front.

I suspect it was as there is a mortgage on the property, unless the mortgagee was the previous owner and the mortgage is to secure deferred consideration for the purchase.

 

[StrettoBoy]

The £40 million for the stadium will be a long term investment with a loan/mortgage . But seems cheap when you look at the cost of modern stadiums. I appreciate some of these are bigger than ours but even so;

£71 million: The Gtech Community Stadium for Brentford FC.
£93 million: The AMEX Stadium for Brighton & Hove Albion.
£390 million: The Emirates Stadium for Arsenal.
£1 billion: The Tottenham Hotspur Stadium.
£2 billion: Manchester United's estimated cost for a new stadium.

I read earlier today that Birmingham City's new stadium will cost upwards of £3 billion!

 

[Captain Dart]

My observation is that DK has obtained the stadium (obviously beyond brilliant) which will allow us a lot more latitude for future spending (due to increased revenue). At the same time, he has been prudent with regards to spending, with what looks like decent quality in terms of KKH and Woolfenden, covering our GK position sensibly, and buying potential in Brau, He has cut costs getting rid of some deadwood (e.g.Collins) allowed some loan deals to gain experience (hope we have a recall option on Rapha), and sold an asset for what seems like a fantastic price. This is whilst keeping hold of our 3 most valuable assets. I am eager for success, and this season could be hampered by injuries, however I have rarely felt as confident that the club is in good hands. We must look more attractive to outside investors than we have done in decades. Re; stadium purchase, I doubt thee total cost will all have been up front.

The club now has a bigger asset base and higher turnover.

The last accounts for Coventry Arena OPCO Ltd. were published in May and cover the period to 28 April 2024.

I think they show a £2.8M turnover and a £400k profit after tax and other liabilities.

 

[Porkchophill]

Never noticed this on a ticket purchase payment cov council find it strange

 

[Nick]

Never noticed this on a ticket purchase payment cov council find it strange

Looks like your bank just tagging it wrong

 

[blunted]

I know we have increased TV revenue, as we are likely to be on a lot more.
Do you believe the £25k a week for some players?

 

[robbiethemole]

Ellis and Haji are, Binks was.

 

[Grendel]

Ellis and Haji are, Binks was.

Binks really wasn’t

 

[Ccfcisparks]

Binks really wasn’t

I can't believe some people really believe it.

 

[Captain Dart]

Ellis and Haji are, Binks was.

Ellis is not going to be on the same rate as Haji. Simms' transfer fee was something like half as much as Haji's.

 

[StrettoBoy]

I can't believe some people really believe it.

It was widely reported as £30,000 per week, so it is understandable that people might believe it:




I would be astonished if it was true unless, say, it included a bonus for getting to the Premier League which took his salary for the year to around £1,500,000 (roughly £30,000 per week). That I could believe.

 

[Ccfcisparks]

It was widely reported as £30,000 per week, so it is understandable that people might believe it:


View attachment 45825

I would be astonished if it was true unless, say, it included a bonus for getting to the Premier League which took his salary for the year to around £1,500,000 (roughly £30,000 per week). That I could believe.

The source of all the reports are that one inaccurate website which said MVE was on like £3k a week and less than Tavares

 

[Grendel]

It was widely reported as £30,000 per week, so it is understandable that people might believe it:


View attachment 45825

I would be astonished if it was true unless, say, it included a bonus for getting to the Premier League which took his salary for the year to around £1,500,000 (roughly £30,000 per week). That I could believe.

It wasn’t. It was on one website - Capology which listed every player

It stated Fabio Tavares was earning almost twice as much as Van Ewyick in the same data.

 

[viridisman]

Ed sheeran at the cbs will help fill the coffers a bit

 

[StrettoBoy]

It wasn’t. It was on one website - Capology which listed every player

I've found it on five websites. The one I quoted was Football League World. It may be that they all have a common source but neither you nor I will know that.

So it certainly is true to say that it was "widely reported", which is what I said.

 

[Ccfcisparks]

I've found it on five websites. The one I quoted was Football League World. It may be that they all have a common source but neither you nor I will know that.

So it certainly is true to say that it was "widely reported", which is what I said.

Football league world that widely known quality source!

 

[StrettoBoy]

Football league world that widely known quality source!

Quite, which is why I said, "I would be astonished if it was true." If you read what I said, I was merely trying to explain why a lot of people believed it to be true.

 

[skyblu3sk]

Ed sheeran at the cbs will help fill the coffers a bit

Coming to check up on Wolfy

 

[Grendel]

I've found it on five websites. The one I quoted was Football League World. It may be that they all have a common source but neither you nor I will know that.

So it certainly is true to say that it was "widely reported", which is what I said.

FLW actually quote Capolgy as their source

 

[CrawleySkyBlue]

Ellis and Haji are, Binks was.

Boring accountant incoming - one thing to add on top of this 'quoted' £25k figure is employer national insurance (15% from Apr-25, 13.8% before) and employer pension costs (i'd assume minimum 3%, could be higher).

The £25k salary per week becomes a £29.5k cost to the club per week using the 15% 'er NI figure and 3% 'er pension contribution - which equates to £1.534m per annum. So the additional employer (the club) cost is £234k per annum. This quickly adds up if we have several high earners. And does this £25k even include all bonuses and add ons etc etc, the club pays the additional 15% and 3% on these too...

For reference (all from the 2024 accounts of Coventry City Football Club Ltd*), the total staff costs for the year ending 31 May 2024 was £23.4m. This was for a total of 214 staff (153 being players & management and 61 being admin & commercial). From a very quick look at our squad for the 23/24 season, we had there or thereabouts a squad of 37 being 26 first teamers and 11 youth players (from: Coventry City - Detailed squad 23/24), then add in the handful of coaching staff on top of that.

You can begin to try and work out how the £23.4m is allocated across the players & management and admin & commercial staff, but it'd simply be guess work. Based on the £25k per week salary having a total employer cost of £1.534m, if we have 3 players (Wright, Simms, Binks as per the above post) this is £4.5m, so there'd be £18.9m left to allocate to the rest of the staff... you'll begin to run out of money very quickly and we know the £23.4m and 214 total staff numbers are correct.

Long story short, I'd always be sceptical of the figures quoted on the various websites online (they'll loosely be based on a bit of benchmarking of the size of the club and its staff costs from the financial accounts plus any gossip on top) and remember to add in the additional costs when you want to work out the real cost to the football club! The only real way to know a player's salary and agreement with the club is from a legit ITK.

* For completeness, Covcityco Ltd (the parent of Coventry City Football Club Ltd) has the same total staff costs and employee numbers as Coventry City Football Club Ltd. This is important because the parent co, in theory, could have additional management teams and staff costs - but the 2024 accounts confirm this is not the case.

 

[skybluecam]

It was widely reported as £30,000 per week, so it is understandable that people might believe it:


View attachment 45825

I would be astonished if it was true unless, say, it included a bonus for getting to the Premier League which took his salary for the year to around £1,500,000 (roughly £30,000 per week). That I could believe.

“Widely reported” means nothing when they are all shitty clickbait sites referencing the same source lol

 

[skybluecam]

Ellis is not going to be on the same rate as Haji. Simms' transfer fee was something like half as much as Haji's.

Simms was signed from Everton and actually played for them a decent amount in the second half of 22/23. I’m sure we weren’t the only club interested that summer. I can believe he is on a similar wage to Haji.

 

[JimmyHillsbeard]

Binks joined on loan from Bologna for a season. He may well have been on a massive wage but the club weren’t paying it.

 

[Captain Dart]

Binks joined on loan from Bologna for a season. He may well have been on a massive wage but the club weren’t paying it.

True, I should think Bologna had to write off a significant sum to pay up his contracted salary. King I think runs a tight ship when it comes to any expense.

 

[Briles]

Boring accountant incoming - one thing to add on top of this 'quoted' £25k figure is employer national insurance (15% from Apr-25, 13.8% before) and employer pension costs (i'd assume minimum 3%, could be higher).

The £25k salary per week becomes a £29.5k cost to the club per week using the 15% 'er NI figure and 3% 'er pension contribution - which equates to £1.534m per annum. So the additional employer (the club) cost is £234k per annum. This quickly adds up if we have several high earners. And does this £25k even include all bonuses and add ons etc etc, the club pays the additional 15% and 3% on these too...

For reference (all from the 2024 accounts of Coventry City Football Club Ltd*), the total staff costs for the year ending 31 May 2024 was £23.4m. This was for a total of 214 staff (153 being players & management and 61 being admin & commercial). From a very quick look at our squad for the 23/24 season, we had there or thereabouts a squad of 37 being 26 first teamers and 11 youth players (from: Coventry City - Detailed squad 23/24), then add in the handful of coaching staff on top of that.

You can begin to try and work out how the £23.4m is allocated across the players & management and admin & commercial staff, but it'd simply be guess work. Based on the £25k per week salary having a total employer cost of £1.534m, if we have 3 players (Wright, Simms, Binks as per the above post) this is £4.5m, so there'd be £18.9m left to allocate to the rest of the staff... you'll begin to run out of money very quickly and we know the £23.4m and 214 total staff numbers are correct.

Long story short, I'd always be sceptical of the figures quoted on the various websites online (they'll loosely be based on a bit of benchmarking of the size of the club and its staff costs from the financial accounts plus any gossip on top) and remember to add in the additional costs when you want to work out the real cost to the football club! The only real way to know a player's salary and agreement with the club is from a legit ITK.

* For completeness, Covcityco Ltd (the parent of Coventry City Football Club Ltd) has the same total staff costs and employee numbers as Coventry City Football Club Ltd. This is important because the parent co, in theory, could have additional management teams and staff costs - but the 2024 accounts confirm this is not the case.

Great informative post thanks (Could be complete bollocks for all I know like )

 

[shmmeee]

Boring accountant incoming - one thing to add on top of this 'quoted' £25k figure is employer national insurance (15% from Apr-25, 13.8% before) and employer pension costs (i'd assume minimum 3%, could be higher).

The £25k salary per week becomes a £29.5k cost to the club per week using the 15% 'er NI figure and 3% 'er pension contribution - which equates to £1.534m per annum. So the additional employer (the club) cost is £234k per annum. This quickly adds up if we have several high earners. And does this £25k even include all bonuses and add ons etc etc, the club pays the additional 15% and 3% on these too...

For reference (all from the 2024 accounts of Coventry City Football Club Ltd*), the total staff costs for the year ending 31 May 2024 was £23.4m. This was for a total of 214 staff (153 being players & management and 61 being admin & commercial). From a very quick look at our squad for the 23/24 season, we had there or thereabouts a squad of 37 being 26 first teamers and 11 youth players (from: Coventry City - Detailed squad 23/24), then add in the handful of coaching staff on top of that.

You can begin to try and work out how the £23.4m is allocated across the players & management and admin & commercial staff, but it'd simply be guess work. Based on the £25k per week salary having a total employer cost of £1.534m, if we have 3 players (Wright, Simms, Binks as per the above post) this is £4.5m, so there'd be £18.9m left to allocate to the rest of the staff... you'll begin to run out of money very quickly and we know the £23.4m and 214 total staff numbers are correct.

Long story short, I'd always be sceptical of the figures quoted on the various websites online (they'll loosely be based on a bit of benchmarking of the size of the club and its staff costs from the financial accounts plus any gossip on top) and remember to add in the additional costs when you want to work out the real cost to the football club! The only real way to know a player's salary and agreement with the club is from a legit ITK.

* For completeness, Covcityco Ltd (the parent of Coventry City Football Club Ltd) has the same total staff costs and employee numbers as Coventry City Football Club Ltd. This is important because the parent co, in theory, could have additional management teams and staff costs - but the 2024 accounts confirm this is not the case.

It’s like the return of OSB. More incomprehensible accounting posts please. This forum has been seriously lacking them.