Update: David McNally - Norwich City got last summer “horribly wrong”; players’ salaries will fall; job losses to come

Chief Executive David McNally before the Barclays Premier League match at Carrow Road, NorwichPictur

Chief Executive David McNally before the Barclays Premier League match at Carrow Road, NorwichPicture by Paul Chesterton/Focus Images Ltd +44 7904 64026711/05/2014 - Credit: Paul Chesterton/Focus Images Ltd

Norwich City's chief executive has said a failure to strengthen the squad during last summer's transfer reason was a key reason for the club's eventual relegation from the Premiership.

City's return to the Championship was confirmed yesterday after the club finished in 18th place in the table.

In an interview with BBC Radio Norfolk, broadcast this morning, David McNally said despite making record signings last summer, they had failed to strengthen the squad, as had happened in previous years.

Mr NcNally said he would remain at Carrow Road.

He said: 'If I thought for one moment that me leaving would help this football club I would not hesitate. I care too much about Norwich City, having been here five years and invested a lot of time and effort in this great club. I love this club.'

Speaking of his possible departure, he added: 'I don't think that's in the best interests of the club at the moment.'

He said he was gutted, disappointed, deeply frustrated and embarrassed by Norwich's exit from top-flight football, and admitted that, with the benefit of hindsight, supporters who called for the removal of Chris Hughton as manager earlier in the season may have been right.

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Mr McNally said Hughton had deserved the chance to lead the club this season, having finished 11th in the Premiership last year.

The chief executive said Norwich City's new manager will be in place within a week, and the board would strengthen its football management structure.

He said the first team manager needs to concentrate on first team players and coaching them, and not have other responsibilities like medicine and recruitment, which should be managed elsewhere.

He said he does not want one person responsible for all key footballing descisions.

He said the board had a shortlist of possible managers, and has talked to some people already.

He described Neil Adams as a 'credible contender' and a manager of the future, having been handed a 'poisoned chalice' when he took over with just five games of the season left.

Asked about speculation linking the club to named managers, he said the club may be looking at managers who are available now, as well as others who are currently at other clubs, and there were private discussions ongoing.

He said job losses were likely following relegation, which he said would see the club's turnover fall from £100m in the Premiership to £50m in the Championship.

He said Norwich is a well run club, and every player has a relegation clause in their contract, and there will be a relegation impact on their salaries - with no exception.

He also said there are no sweet-heart clauses in any player's contracts, so 'we are under no pressure whatsoever to sell anybody'.

However, he expected some players will leave.

Talking about the 2014 summer transfer window, he said: 'We can't afford to get this window wrong in the way we got the last transfer window so horribly wrong.'

He thanked the fans for the support, and apologised for the mistakes made this year.