TV cash will be spent on playing side – Bowkett
Norwich City’s Premier League TV cash windfall is all being spent on the football side of the club, it has been revealed.
Club chairman Alan Bowkett told shareholders at the annual meeting at Carrow Road that the huge increase in league income this season – �38.5m compared to �5.5m in the Championship – was already spoken for in wages for players and backroom staff, plus transfer fees.
“What I call the Sky money, less the money we received in the Championship, equals �33m. All the money from Sky is going into football,” he said.
Bowkett said �20.94m was being spent on players’ wages, a further �2.73m on wages for backroom staff, and �8.6m on transfers.
Playing and football staff costs will rise from �13.5 to �23.7m this season.
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He added that only half of transfer fees were paid up front and that the Canaries had actually signed �17m worth of players.
City added eight senior players to their squad in the summer with James Vaughan, Steve Morison, Elliott Bennett, Anthony Pilkington and Daniel Ayala all commanding fees, Bradley Johnson arriving as a free agent, and Ritchie de Laet and Kyle Naughton signed on season-long loan deals.
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The chairman warned that cash would still be tight this season because of paying off debt and strengthening the squad and added: “Don’t think we are going to be rolling in money.”
While Bowkett and chief executive David McNally were re-elected to the board, and the articles of association changed to allow directors to continue in office after the age of 70, City made one more change by appointing BDO LLP as the club’s new auditors instead of Grant Thornton UK, who were thanked for their work in the past.