Coventry report £8.7m profit for 2023-24 season

Coventry's £24m profit from player sales is largely down to the departures of Viktor Gyokeres (left) and Gus Hamer in the summer of 2023

Coventry City have reported a pre-tax profit of £8.7m for the 2023-24 campaign - their first full season following Doug King's takeover.

The Sky Blues' financial results have outperformed most other Championship clubs.

But they also came in a season when the club sold its two star assets Viktor Gyokeres and Gustavo Hamer, following Coventry's play-off final defeat in May 2023, then fell badly out of promotion contention in 2024 after the heartbreak of another Wembley failure in the FA Cup semi-final.

Gyokeres moved to Sporting Lisbon in July 2023 for an undisclosed eight-figure fee, a record for an outgoing Sky Blues player, followed by Hamer a month later to Sheffield United, also for an undisclosed amount.

The club state that "profits on sales of players showed a significant increase to just under £24m."

The club's turnover also significantly increased by around 30%, by almost £9m to just short of £30m - and there was an increase of nearly £3m in match ticket receipts from "season-ticket sales, higher attendances, and increased cup revenue due to the club's FA Cup progress", while the run to a second Wembley appearance in 11 months helped broadcasting revenue increase by just over £1m.

"These financial results are flattered by the high-profile sales of two outstanding players and the incredible FA Cup run that ended so dramatically and heartbreakingly at Wembley," said King. "The proceeds of these sales and more were invested in an unprecedented recruitment of new Coventry City players."

City's other commercial income increased by almost £5m, "largely due to increased retail revenue having taken the operation fully in-house for a whole financial year", which triggered an increase in sales of just over £3m.

City currently sit seventh in the Championship under new boss Frank Lampard, following the November departure of Mark Robins.