WATCH: Our Canaries correspondents analyse Norwich City's 2017 financial results
PUBLISHED: 13:53 01 November 2017 | UPDATED: 13:53 01 November 2017
ARCHANT EASTERN DAILY PRESS (01603) 772434
The release of Norwich City's annual accounts hasn't made for the brightest of morning for Canaries fans.
Following on from a sixth Carrow Road match without a win, losing 2-0 to an impressive Wolves side, news that the club have moved from a £9.4million profit in the last accounts to a £2.7m loss after tax.
Given that the Canaries had missed out on promotion back to the Premier League last season, the drastic drop in income – down £25m to £75.9m – was hardly surprising.
The club’s hierarchy have openly admitted that the wage bill needed cutting and player sales were essential to balancing the books, as managing director Steve Stone and his staff brace for the end of Premier League parachute payments.
Despite the expected gloomy details, news that external debt was still extremely low and is intended to remain so was at least a welcome upshot among the complex financial details.
Our Canaries correspondents Mark Armstrong and David Freezer have been analysing the results and discussed the key points to help fans digest the accounts, press play above to hear their thoughts.