The auditor who inspected Coventry City's accounts has expressed serious fears over the future of the cash-strapped club.
The financial report for Coventry City Football Club has finally been released, in which auditor Julien Rye says the club’s books cast “significant doubt on the company’s ability to continue as a going concern”.
And it confirms what many fans had feared – that the club is at risk of going under.
The auditors who ran the rule over the club’s books say that without further investment the company will struggle to operate.
Last night, the club’s directors said they are leaving “no stone unturned in the search for new investment”.
The accounts also show how its turnover fell from 2009, as it struggled with a debt of more than £39 million in 2010.
Grave concern for Sky Blues' fans, say expertsLocal experts say the future remains uncertain for Coventry City Football Club after the company’s accounts were released this week.
The Coventry City Football Club (Holdings) Limited report show the financial results for the year ended May 31, 2010.
The auditors’ report concludes the club’s financial conditions ‘cast significant doubt on the company’s ability to continue as a going concern’.
Professor Wyn Grant from Warwick University – an expert in the business side of football – said the situation is cause for grave concern for Sky Blues fans.
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Posted: Tue Jun 07, 2011 1:25 pm