Norwich City paid £1.4m to former chief executive David McNally following his resignation earlier this year
PUBLISHED: 16:17 29 October 2016 | UPDATED: 16:17 29 October 2016
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Norwich City's accounts for 2015/16 show that David McNally received £1.4m following his resignation as chief executive in May.
It was described as “compensation for loss of office” by the club.
Speaking yesterday, Norwich City chairman Ed Balls admitted it was a “large amount of money”.
But he added: “The reality is that David made a really strong contribution to this club for a number of years, and these accounts, in some ways reflect his contribution.
“He left in the summer, and in his departing, there was a normal kind of discussion we had about loss of earnings and this was the settlement we reached. I can’t get into talking more about that, because these things are legally protected and confidential.
“We were grateful to the contribution David made.”
Mr McNally was the chief executive at Norwich City for seven years. He took over after the club was relegated to League One and his reign saw the Canaries return to the Premier League.
He was replaced by former Wolverhampton Wanderers chief executive Jez Moxey,
The EDP has attempted to reach Mr McNally for comment.
An increase in revenue in the past financial year enabled the club to also clear two outstanding debts with directors Delia Smith and Michael Foulger. According to the accounts, Ms Smith and her husband Michael Wynn-Jones were owed £1,529,000 and Mr Foulger was due £460,000.
Commenting on the loan repayment, Mr Balls said: “These were outstanding loans which go back years, and they were supposed to be short term, but they became much more long-term.”