According to the accounts of Sky Blue Sports & Leisure which have finally been filed with Companies House, Coventry City FC has debts of £44m.
The accounts up to May 2016 show that thanks to the sale of James Maddison to Norwich City, a profit of £601,756 was made.
The club, however ran up an operating loss of £1.87m and has net liabilities of £44m, £28m of which are in 'loans' from Sisu and £12.5m to the Caymen Island based Avro MasterTrust which gets money from a debenture which includes such things as getting money every time the club website is clicked on.
Sisu appear unlikely to call in the debt and it says in the accounts: "The accounts say the company is being run as a “going concern” and that “These forecasts indicate that the group and company are likely to require additional funding from group shareholders within the next six months. The group and company has received written confirmations from group shareholders of their intention to continue to provide support to the group by not demanding repayment of debt for the foreseeable future and group shareholders have confirmed their intention to provide or source funding if required by the group to enable the group to continue as a going concern. "
“Notwithstanding this intention, there is no contractual certainty that such funding will be made available nor that loans will not be called for repayment.”
Full story - http://www.coventrytelegraph.net/news/coventry-news/coventry-city-make-600000-profit-12679244
OTIUM Accounts - http://www.ccfc.co.uk/documents/signed-otium-accounts-bdo144-3601119.pdf
SKY BLUE SPORTS & LEISURE ACCOUNTS -http://www.ccfc.co.uk/documents/signed-sbsl-accounts-bdo144-3601129.pdf