Norwich City Football Club has reported a loss of £27.2 million for the current financial year due to a lack of player sales. The club’s operating expenses, totaling £102 million, were not offset by significant purchases of squad members. Previous accounts have been supported by player sales such as Emi Buendia’s move to Aston Villa, but this year saw no major sales. However, next year’s accounts will include £21.4 million from player sales, including Milot Rashica, Andrew Omobamidele, and Max Aarons.
The club also spent nearly £6 million on infrastructure, with the new recovery hub at Colney and upgrades to Carrow Road’s Lion & Castle pub being the main expenses. Wages accounted for almost £57 million, which was 75% of the club’s turnover. While this percentage may seem high, it is relatively low compared to other football clubs. In the previous season, Norwich spent 88% of turnover on wages, while other clubs such as Brentford and Reading spent 186% and 211% respectively.
The club’s debt has increased from £66 million to £76 million, primarily due to interest. However, a significant portion of the debt is owed to Mark Attanasio’s Norfolk Holdings group, which is viewed as a positive as it will decrease in the coming financial year. Attanasio’s increased involvement in the club is seen as a key factor in the accounts, with his stake set to increase to 40%. There are indications of the club’s decline, such as a £10 million decrease in assets, but the numbers reflect the team’s performance on the pitch.
Overall, the club’s financial situation is concerning, but there is hope with Attanasio’s involvement. However, there is still work to be done to ensure the club’s financial stability.
