Canaries fans told promotion to the Championship worth �3.7m
Ben KendallThe 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.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.
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.
You may also want to watch:
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."
- 1 Extent of Norwich Prison Covid outbreak revealed
- 2 Derelict pub on eyesore site could be turned into new Co-op store
- 3 'Sounded like my roof was coming off': RAF jet sonic boom heard over city
- 4 'People are fed up with roasts': Chef ditches Sunday dinner takeaways
- 5 Hopes raised former pub could become community hub
- 6 Covid team to knock on Norwich doors to get people to self-isolate
- 7 Norwich sonic boom: RAF confirms jet 'inadvertently' caused bang over city
- 8 Two arrested over robbery incidents at post office and shop
- 9 Sex offender used secret Twitter account to post indecent material
- 10 New drive-thru McDonald's to create 65 jobs
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.