"Coventry City post losses of £3.38m"

[dutchman]

Championship club Coventry City have revealed they posted losses of just more than £3.38m for the financial year ending 31 May, 2020



The Sky Blues submitted their accounts on Thursday having taken advantage of a three-month government extension due to the coronavirus pandemic.

Coventry, who are returning to the Ricoh Arena next season, had been placed under a transfer embargo having not filed in February as per EFL rules.

The embargo was lifted on Thursday.

"The accounts show the initial impact the pandemic has had on our club," chairman Tim Fisher said. "We will continue to manage the effects of this on an on-going basis."

Coventry's losses of £3,385,242 came in stark contrast to a profit of £69,916 the previous year with the accounts covering the first three months of the pandemic.

"In the circumstances, the overall loss was to be expected," Fisher said. "But they do not reflect the full impact of the pandemic and the 2020-21 season being played behind closed doors. This will be reflected in our next accounts."

Coventry were promoted on a points-per-game basis as champions of League One in the period covered by the accounts after the season was curtailed in late March 2020.

They finished 16th on their return to the Championship this season and in March signed a new 10-year agreement to groundshare back at the Ricoh Arena, also the home of Premiership rugby union side Wasps.