Promotion would be worth �90m to Norwich City
The idea that promotion this season would be “too soon” for Norwich City has been rubbished by chief executive David McNally – who told shareholders that just one season in the Premier League would be worth a guaranteed �90m to the club.
Money from central funds amounted to just �1m for the Canaries in League One last season and would be �4.9m in the Championship, but even the bottom team in the Premier League would receive �41m, with an extra �750,000 paid for each place above 20th, said McNally.
Even relegation after one season would bring a huge windfall, with parachute payments for relegated clubs set at �17.7m in the first year, �14.7m in the second year and �8m each in the third and fourth year.
“One year in the Premier League guarantees �90m of additional income without kicking a ball,” said McNally.
City’s debt stands at �20.9m, while �90m amounts to four times the club’s annual revenue.
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McNally said he had heard supporters suggesting promotion this season would come too early for Norwich, currently fourth in the Championship.
“Is it too soon to be promoted? There are 90 million reasons to make certain we are ready,” he said. “If the opportunity surfaces you take it.”
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