Coventry City Football club records £8.5m loss
Coventry City Football Club suffered an overall loss of £8.5m for the 2013-14 season, accounts have shown.
The loss was £1.4m more than the £7.1m deficit recorded in the 2012-13 season.
The report said the loss reflected a reduction in turnover while Coventry played their home matches at Sixfields Stadium in Northampton.
It has also been revealed the club had £61m of loans wiped off in order to satisfy Football League rules after part of it entered administration.
'Long term success'
Sky Blues chairman Tim Fisher said that the loans were converted into shares when the club, previously owned by Sisu, was sold to the Otium Entertainment Group as a result of league rules which do not allow debt to be carried over.
"From the point of view of the current year's accounts, we do forecast a much healthier set of numbers," he said.
"We have not drawn down any funding from the owner/creditor for this season and are shifting the club into a position where it can be self-sustaining.
"That, in turn, will lead to long term success on the pitch and that is what we are all striving to see."
Coventry, who appointed Tony Mowbray as their new manager on Tuesday following the sacking of Steven Pressley, moved to Sixfields amid a rent row over their Ricoh Arena home dating back to April 2012.
The club argued that relegation from the Championship to League One had left it unable to afford the previously agreed rent charges at the Ricoh.
The club returned to the Ricoh in September 2014, since when their ground has been sold by the previous owners, Arena Coventry Ltd, to Premiership rugby side Wasps, who are now the Sky Blues' new landlords.