Norwich City director allays financial fears

Norwich City director Stephan Phillips today reiterated the Canaries are not heading for financial meltdown.The Archant Norfolk managing director was responding to questions posed by supporters in a live web chat on the club's official website.

Norwich City director Stephan Phillips today reiterated the Canaries are not heading for financial meltdown.

The Archant Norfolk managing director was responding to questions posed by supporters in a live web chat on the club's official website.

Phillips allayed fears from one poster the club was facing liquidation following the recent publication of record annual financial losses - with the Canaries now �23m in debt.

'This is the first question and quite an easy one to answer actually,' he said. 'The answer is no, which I hope you'll be pleased to hear. As you know the Club is working hard to reduce its debt, which is not a dissimilar situation to many other businesses I know of.'

Phillips refused to be drawn on reports of potential fresh north American investment with the club's hierarchy now placing the search for fresh investors in the hands of respected accountancy firm Deloittes.

'The search for new investment is something all fans know about,' he said. 'As you know Deloittes have been retained by the football club to mount a professional search for the right sort of investment for our club. The club were approached by an agent and we have referred them to Deloittes.'