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Canaries fans told promotion to the Championship worth £3.7m

PUBLISHED: 20:26 02 February 2010 | UPDATED: 07:53 02 July 2010

Paul Lambert, Alan Bowkett, Delia Smith and Michael Wynne-Jones at the Norwich City AGM

Paul Lambert, Alan Bowkett, Delia Smith and Michael Wynne-Jones at the Norwich City AGM

Ben Kendall

The annual general meeting of Norwich City shareholders tonight heard that promotion to the Championship could be worth £3.7m a year.

Following the re-election of the board at the Carrow Road meeting, chairman Alan Bowkett outlined the history of the club's finances over the last six years.

The annual general meeting of Norwich City shareholders tonight heard that promotion to the Championship could be worth £3.7m a year.

Following the re-election of the board at the Carrow Road meeting, chairman Alan Bowkett outlined the history of the club's finances over the last six years.

He described how the club had received £19.8m from player sales over the time, but spent £19.9m on incoming transfers. The club has spent £1.4m on compensation to outgoing managers.

Loan signings have cost the club £4.8m during that time, £2.2m of that being spent in last year's relegation season during which manager Glenn Roeder was heavily criticised for his reliance on loanees.

Mr Bowkett said: "It would not be right to say that loan players are not part of the club's future - you only have to look at the impact the likes of Darren Huckerby and Peter Crouch made in our promotion year.

But they will not have a central role going forward."

He added that the club's income had fallen following relegation to League One due to the drop in television revenue. But, if promoted this year, it could generate about £3.7m extra.

Earlier this year it was revealed that the Canaries are £23m in debt and a variety of options, including selling and leasing back Carrow Road, are being explored.

t For full reports on the shareholders' meeting, see the Evening News.

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