SKY BLUES' Pounds 8.5 MILLION LOSSES; We Are Reducing Our Debts, Says City Chairman: Sky Blues Record Massive Pounds 8.5m Loss
Byline: Les Reid
THE SKY BLUES have recorded an annual loss of pounds 8.5 million and are continuing to make major losses, the Telegraph can reveal.
The pounds 8.5 million operating loss is in accounts for Coventry City Football Club (Holdings) Ltd signed off last week for the year up to May last year - six months after chairman Ray Ranson and investment company
SISU took over the Sky Blues.
Mr Ranson told the Telegraph the club was anticipating further losses for the year ending next month. But he said the annual debt was being reduced.
Sources close to the club told the Telegraph operating losses for 2008/09 were recently running at at least pounds 4 million.
Meanwhile, Mr Ranson said attempts by the football club to buy a 50 per cent share of the potentially hugely profitable Ricoh Arena - considered crucial since his takeover - are now art of a "long term" aim. Sky Blues director Joe Elliott told the Telegraph the priority into next season would be to continue to invest in a team capable of pushing for promotion to the lucrative Premiership. High-level Ricoh sources said it could cost the football club more than pounds 10 million to buy back the 50 per cent share in Arena Coventry Ltd it sold to the Alan Edwards Higgs Charity six years ago for pounds 6.5 million. The Telegraph can confirm no formal approach has been made by the football club to the Higgs charity. …