Coventry City, so often in the red in recent years, produced a profit last year mainly due to transfers of players.

The annual accounts for the year ending May 1999 reveal that the previous year’s loss of £3.1 million was turned into a profit of £1.27 million.

But while turnover rose by £1.5 million, it was the controversial sale of Dion Dublin to Villa for £5.75 million and other transfer dealings, which made probably the biggest impact.

The turnover from match receipts, commercial activities and catering was £19 million, compared to £17.5 million the previous financial year and £12.3 million the year before that.

But the wage bill soared by almost £3 million to £12 million while the number of employees dropped from 514 to 451.

The highest paid director, unnamed in the accounts but believed to be chairman Bryan Richardson, received £194,839 plus £37,200 to pension schemes.

In the report he will make to shareholders at the annual meeting on 1 October Richardson will praise the club’s reserve team for winning the Pontins League First Division championship and the youth team for reaching the final of the FA Youth Cup.

But he will tell them the Premiership season was disappointing especially with the enforced sale of the club’s top striker and England international Dublin to Aston Villa.

Richardson will have good news for the shareholders regarding the ground breaking Arena 2000 project at Foleshill. He writes in his report:

"It is no longer a pipedream, but is on its way to becoming a reality. I am sure everyone will know that we have actually started work on the arena."