Premier League - Norwich pay off external debt

Norwich have wiped out all of their external debt and returned a small profit after tax of £500,000, the Premier League club revealed on Thursday in accounts published for the year end May 31, 2013.

PA Sport Report
Premier League - Norwich pay off external debt

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FOOTBALL Championship Norwich City flag Carrow Road

The Norfolk outfit retained their place in the top flight last season under manager Chris Hughton, ending up in 11th place after eventually pulling clear of the relegation battle.

Overall revenue at Carrow Road was up to B£78.7million from B£74.3million in 2012, with a profit of B£500,000 which was down from B£13.5million as the club moved to slash external debt from B£11.3million to some B£900,000, with B£700,000 of that as 'preference shares' and the remaining balance now paid off since June 1.

Following on from such a robust base - which is set to be supplemented in the next financial tax year by the lucrative new broadcasting deal for all Premier League clubs - Norwich have been quick to further bolster the playing staff, with seven summer signings including a club-record B£8.5million purchase of Dutch striker Rickie van Wolfswinkel from Sporting Lisbon.

Norwich chairman Alan Bowkett said: "Again these are a pleasing set of financial results in line with our objective of attempting to run the club as a mutual.

"We have been able to cement our position in the Premier League by increasing our expenditure on football by 46 per cent and yet still be one of a few clubs in the Premier League to remain in profit.

"Additionally, subsequent to the accounts cut off date, we have paid back all of our external debt.

"My thanks to all the team at Norwich City Football Club, both on and off the field."

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