Norwich City promotion worth more than £1m to duo DESPITE transfer failures
PUBLISHED: 13:53 20 May 2019 | UPDATED: 08:33 21 May 2019
Everton and Wigan can both thank Norwich City to a tune in excess of £1m – despite their transfers having so little to do with the Canaries’ Premier League return.
City's Championship promotion - earned with the EFL title - means the Premier League Toffees and second-tier Latics will earn the additional transfer fees, for Steven Naismith's arrival at Carrow Road in January 2016 and Yanic Wildschut's signing 12 months later.
That is despite the fact both players are out of contract this summer, and neither played a single second of football for Norwich under Daniel Farke this season.
A reported £7m arrival from Everton, Naismith spent the full 2018-19 campaign on loan at Scottish top-flight side Hearts - where he is now expecting to become a permanent fixture as a free agent.
Wildschut - an initial signing from Wigan for under £5m - endured a difficult, injury-hit campaign with crisis-club Bolton who spent much of the season struggling to pay their players' wages. That includes what they owe Norwich, with the Trotters eventually relegated to League One and then entering administration.
With the Canaries' having to wait until July and August for their first tranches of Premier League revenue, football finance blogger Kieran Maguire reported Norwich City have taken out a loan from Barclays this week.
That bridging loan - effectively an increase in the club's overdraft facility - is to be secured against TV revenue due from the 2018-19 season, as well as forthcoming money from the Premier League for the next campaign.
It will also allow the self-funding club to pay their promotion liabilities to Everton and Wigan, as well as plenty of bonuses following their Premier League return, and repay the £5m Canaries Bond - which funded the recent redevelopment of Colney - ahead of schedule and avoid paying out a second year of interest.
Away from the pitch, Norwich will also be playing in a totally different financial league following promotion.
As a comparison, Huddersfield Town earned £93.6m from the Premier League in 2018-19 despite finishing bottom and being relegated - made up of TV revenue, prize money and their equal share of the top-flight money pot, while excluding future parachute payments.
Meanwhile, City's entire revenue as a club for the 2018-19 season - their first without any sort of Premier League or parachute income since 2010-11 - is set to be an estimated £30m.
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