Packed AGM hears of positive outlook for Norwich City
A successful future for Norwich City Football Club was predicted during a packed annual general meeting last night.
Fans were told that revenue was expected to increase by �41m this year with an anticipated operating profit after tax of �18m.
Club bosses said that they would look to improve the squad during every transfer window and would remain a buying club.
The club is also looking at increasing the stadium capacity to 35,000.
Chief executive David McNally said the main aims were to stay in the Premier League and keep hold of manager Paul Lambert – but to remain solvent.
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He said: “Retaining our Premier League status is the toughest challenge we face, but the most rewarding opportunity we have.
“Alongside that, we want to remain solvent, and we cannot go back to the debts we had two years ago.
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“But any spare cash will be re-invested into the football club.”
Television money this year will rise to �38m, the meeting was told, but chairman Alan Bowkett said that did not mean the club would be “rolling in money”.
He said that every penny from the TV funds was already accounted for, and that money would be used to pay off the club’s debt, although he said that dividends would be paid to shareholders in September next year.
The club is also setting up a Premier League scouting network to ensure it can get the best young talent available, and would be embracing the wider Norfolk community in the future.
And while Mr Bowkett admitted that the club would never be in the same financial league as big-spenders Manchester City, Chelsea and Manchester United, he said the club was still in a healthy financial position.