Coventry City FC (Holdings) Ltd AGM Report

There was, at a rough guess, 75 shareholders present and 5 people sat at the top table - Neil Bryson, Brenda Price, Joe Elliott, Geoffrey Robinson and someone that no one had ever seen before, at a guess it was Geoffrey Robinson's solicitor or similar.

Joe Elliott took the chair and said that Mike McGinnity was due to do it as he had been Chairman for the previous year but was obviously unable to after his heart attack. He had been released from hospital that day.

Apologies came from several people, including Sir Derek Higgs and Peter Robins.

The first business was to re-elect Mike McGinnity and Joe Elliott to the board. This is always a formality as the vast majority of shares are held by a couple of people.

The next business was to re-appoint Grant-Thornton as auditors, again a formality. There was an interesting period when it was asked why they had not signed the clubs accounts off. Geoffrey Robinson spoke of his current renegotiations with the Co-op bank but it was pointed out that this would not stop the accounts being signed off unless the auditors thought the club was not a going concern but it was reiterated that it was all down to the negotiations. Eventually Grant-Thornton were duly appointed.

That concluded the actual meeting and questions were taken. With the lack of accounts and the lack of Micky Adams many questions could not really be answered.

I asked whether the Academy had a future, bearing in mind the appeal to save it stands at just under £50 000 of the £250 000 needed. Joe Elliott said that it was in the clubs plan to continue with a Youth Policy. I further enquired as to whether this would be an Academy or a Centre of Excellence and he replied that it would be an Academy.

A question was asked whether the management accounts showed the club in profit and Geoffrey Robinson’s solicitor (or whoever he was!) replied that those were confidential (thats normal, management accounts are different from the published accounts.) Mr Robinson said though that all the clubs finances would be put out in the public domain and nothing would be hidden. He had supplied a lot of information to the CET and asked the reporter present to ensure that went on the web. The question was simplified into is the club running at a profit to which the reply from Joe Elliott was no.

Monies becoming due in 2008 were a worry to one shareholder and Geoffrey Robinson said that those monies were owed to him. He had transferred a £10 million debt to himself (presumably from the bank) that he was previously guaranteeing, interest free and would not be calling that in. Later in the evening it was asked what the legal charge was that Robinson had acquired in the last couple of months. Basically it sounded like he was now second in line, after the bank, for the 50% right to buy stake at the Arena should the club go under. It doesn’t really matter at the moment as second in line for nothing doesn’t amount to a lot. If the club ever got promoted and profitable it might be worth something.

Other questions included standing and smoking. Joe Elliott categorically stated that standing was illegal and everytime people did it cost the club money in policing costs, money which could be given to Micky Adams. The Arena was a No Smoking stadium (to which the person asking disagreed) and more signs would be put up.

That was about that. The real deal with the clubs finances will come at the EGM following the renegotiations with the bank. Micky Adams will also be at that meeting when he will answer football questions.