Norwich City's income drops by £25m in Championship

Norwich City's income has fallen Credit: PA

Norwich City's income has fallen by around £25m since dropping out of the Premier League.

The club's earnings fell to £75.9m in the Championship compared to £100.6m in 2015-16.

Most of the drop in income - around £18m - is from the loss of money from TV rights, according to their accounts for the financial year ended June 30, 2017.

The club also announced an operating loss of £2.6m, compared to an operating profit of £14.2m in 2015-16.

And a loss after tax of £2.7m, compared to a profit after tax of £9.4m in 2015-16.

Daniel Farke, First Team Head Coach Credit: PA

Norwich City Chairman Ed Balls said: “These figures underline the necessity of managing the Club’s cash flow position as we move into a second season in the Championship.

“However, at the same time, the Board has implemented significant change through a new structure at the Club which caters for its long-term stability whilst giving us the best opportunity to push for promotion to the Premier League during the current season.”

Norwich City Statement - Key actions taken in the business within the last 12 months include:

  • Ensuring financial position remains strong with no external debt despite remaining in the EFL Championship.

  • Continued strategy of investing spare cash into football, while recognising the financial constraints of playing in the EFL Championship.

  • Creation of new structure headed by Managing Director and Sporting Director, followed by recruitment of Daniel Farke as First Team Head Coach.

  • Restructuring football side of Club, starting with the first team following Daniel Farke’s arrival (both playing squad and staff), and continuing more recently with the Academy staff.

  • Recruitment of 10 senior players (including 2 on loan) in Summer 2017, with 7 released following contract expiry together with sales of 5 players.

  • Confirmation of Elite Player Performance Plan (EPPP) Academy Category 1 status for the upcoming two years prior to the next audit process.

  • Continued to work closely with the local community through official charity partner Norwich City Community Sports Foundation, particularly following their recent purchase of land by Norwich Airport to be developed into “The Nest”.