|Staff & Payroll|
Coventry - Interest Payments
Coventry has to pay out interest on loans taken out for various purposes.
The graph shows that the club has had large interest payments every year, and that they are getting larger. They are getting larger because the business is losing money every year and is having to borrow more to survive. A vicious circle.
The loans to Coventry are from a number of sources. The last accounts mote that Geoffrey Robinson has loaned £4.4m, that Craigavon are owed £6.7m, that Mike McGinnity, Robinson and Sir Derek Higgs are owed £2m between them. The rest of the debts and therefore the interest payments seem to be to banks.
The comparative figures for Norwich, a club with a similar background, and financial problems can be seen here. This shows how bad the Coventry figures have been.