According to the latest Coventry City accounts on record at Companies House, Coventry City have debts of close to £40m.
City are being reported as having a group undertaking of £ 39,584,467 and will need significant investment or success on the pitch if they are to overcome these debts and be able to move forward.
The accounts should have been lodged at Companies House before the end of February but were delayed, meaning that the club went into a transfer embargo
The accountants "note that 'the existence of a material uncertainity which may vast significant doubt on the company's ability to continue as a going concern."
The end of year balance sheet shows net current liabilties of £39,176,891 and net liabilities of £38,048,950.
The last comment from the club was at the Fans Forum and CEO Paul Clouting said that the club were not planning to go into administration.