Club announce massive turnaround in finances

By Rick Lamb
Last updated : 09 October 2005
Club Chairman Roger Munby has spoken of the club's improved financial situation in the wake of figures for 2004/05, saying that no players need to be sold in the near future.

The man at the top emphasised how important promotion to the Premiership had been in stabilising the club, despite suffering relegation at the first attempt.

"Our year in football's top flight did stabilise the club's financial position and enabled substantial investment in a number of important areas," said Munby, who also emphasised that the season in the sun had not been a 'financial panacea'.

The record profits, such is the way of football clubs, came alongside an increase in the net debt at Carrow Road, largely due to the omission from the figures of much of the capital investment and transfer fees.

The figures, which appear in detail on www.canaries.co.uk, include a 100% increase in player wage budget amounting to £6.4million pounds, although some of this will have been offset since the end of the season by the departures of players like Thomas Helveg, Mattias Jonsson and Damien Francis. Gate receipts increased by £2.9million from the previous year.

The club will no doubt reveal more at their Annual General Meeting on Monday 31st October.

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