Premier League survival and £100m in TV cash key to Norwich City’s Carrow Road expansion
- Credit: Archant
A £100m television cash bonanza is the prize for Norwich City's Premier League survival - and club bosses revealed that would bring forward long-hoped for plans to add extra seats at Carrow Road
The club today released its annual accounts, which showed just what a difference television cash makes to the Canaries' coffers.
Relegation to the Championship meant cash from TV was down by nearly £40m. The club's revenue fell from £95.5m to £53.6m.
And the club posted an operating loss of £8.5m, although, ironically, had Alex Neil's side not clinched promotion, the club would have made a £2.6m operating profit.
That was because promotion triggered a payment of £11.1m of bonuses for players and staff.
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It meant the club made a loss after tax of £5.2m, compared to a profit after tax of £6.7m during the Premier League relegation season.
Chairman Alan Bowkett said: 'The previous year we failed and yet recorded record profits, as we didn't have to pay performance-related bonuses.
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'We want to be competitive and we want to be in the Premier League. With the new TV deal coming in, that will help the Norwiches and the West Broms of the world.
'If we retain our Premier League status, and I have every confidence that we will under Alex, the new TV deal over three years would allow us to bring forward the stadium expansion plans.'
The club made £10.7m from gate receipts last season, compared to £11.3m the previous year.
Chief executive David McNally said the long-mooted increase in capacity at Carrow Road remained on the 'wish-list' in the medium term.
But he added he believed investment in the training ground at Colney was currently 'more important'.
He said: 'We want to offer 'best in class' facilities. Colney is really where the players 'live' and it needs to be the very best. It was when the club was off on its European adventures and it needs to be now.
'It's fantastic, but it needs to be even better. It has a big part to play if we are to develop Premier League footballers and to attract international footballers..'
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