‘A useful reality check’ - City fans on latest accounts
PUBLISHED: 17:10 05 November 2019 | UPDATED: 17:14 05 November 2019
Norwich City supporters have responded to the latest set of accounts published by the club on Tuesday as the Canaries released their first annual report not to include top-flight cash since 2011.
Norwich City football club have released their annual report for the financial year ending June 30 2019.
The painted picture initially isn't colourful, with the headline figures reporting an operating loss of £38million due to this set of results being the first not to include top-flight cash since 2011.
City chiefs have allayed supporters fears by reporting that the Canaries will be expecting a £20m profit by the end of the current season.
Unlike other clubs who possess wealthy benefactors, City's majority shareholders Delia Smith and Michael Wynn-Jones are continuing to target becoming established in the Premier League with a self-financing model.
City's recruitment won them plaudits as they won the Championship title last season. With a net spend of £8.3m, they proved it's not how much you spend but how you elect to disburse it that's the most important factor.
Supporters reactions to the latest annual report have been mixed, with a faction of the fanbase disappointed not have seen the Canaries spend a bigger margin of funds in the summer window despite not possessing all of the Premier League windfall.
City's Premier League income of around £100m arrives in three instalments rather than one payment.
Others remain content with the situation, praising the club for their commitment to financial stability and long term planning, two factors pertinent given the financial crisis at Bolton Wanderers and expulsion of Bury FC earlier this season.
'Transparent as always and not gambling on the future of the club, why complain? We're debt free and self sufficient, it is what it is and the clubs in a better position unlike last time when they gambled hence why we are tight on the purse strings.' @allthegermans
'So you can see straight away that £38m loss will have to come out of this years promotion money. Again showing we can't just go out and spent £100m just because we got promoted. If only most fans would take the time to actually read this though.' @doug_frost
'You can see why the club were cutting their cloth accordingly. So "where's the money gone?", on things you wouldn't normally think about.' @loodofsquit
'Looking at those #NCFC accounts. Farke and Webber deserve the key to the city. Not only stabilising the club, but getting us promoted and that £100m + parachute payments in the bank. They've futureproofed our club for the next few years.' @AJWard93
'I'm guessing this means the TV rights we get throughout this season will make us £20m profit. We don't get the money as soon as we get promoted.'Sam Ireson (Facebook)
'Now do some of you understand why we are not buying lots of new players? A useful reality check for some supporters.' Lynne Hubbard (Facebook)
'This is promising long term, it's clear the club are not in a position to spend big and we're wise to keep things tight this summer. The club have learnt from previous mistakes and we will see the benefits in the next few years, off the field anyway!' James Watson (Facebook)
'So what is Delia and Michael going to do about it, as majority shareholders are they going to inject some money into their club to help it out? Or just watch the club struggle year-on-year. Time to step aside and let someone with some cash step in.' Kev Barnbrook (Facebook)
'This is really good reading, very good to see the club is financially managed well.' Matthew Armstrong (Facebook)