Norwich City Football Club has released its financial numbers for the 12 months ending June 2023. The figures revealed a drop in revenue of £59m due to the loss of Premier League broadcast income as a result of relegation. The club recorded a loss of £27.2m before tax, following a £23.6m loss in the previous 12-month period. However, these figures do not include the £21.4m expected from player sales that occurred after the accounting period.
Norwich City also announced commitments of £3.4m in payments for their summer transfer business, which included the signings of Ashley Barnes, Shane Duffy, and Borja Sainz. These expenditures will be included in the next set of published accounts. The club did make a profit of £3.6m on player sales, but when excluding these sales, an operating loss of £1.5m was recorded.
The annual wage bill for staff, including directors’ remuneration, decreased from £91m to £47.9m during the period under review. Furthermore, US-based director Mark Attanasio and his Norfolk Holdings company provided financial assistance through a debt refinancing package, which saw a share allotment process take place. Attanasio’s group is set to become joint minority shareholders alongside Delia Smith and Michael Wynn Jones, pending approval from the Football League.
Norwich City’s liabilities in the latest financial report amount to £75.9m. However, this does not include a final parachute payment due following their relegation from the Premier League in 2022. The club has also invested in infrastructure projects, with £5.7m spent during this accounting period, bringing the total investment in the past three years to £13m. Outgoing sporting director Stuart Webber has overseen significant improvements to the training ground, including the installation of a state-of-the-art recovery facility.
Overall, Norwich City Football Club has reported a decrease in revenue and increased losses stemming from their relegation from the Premier League. However, financial assistance from Mark Attanasio and investments in infrastructure projects aim to strengthen the club’s position moving forward.
