Norwich accounts not looking pretty

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Norwich have released annual accounts which show their debt has climbed to £22.9million.

The Canaries were relegated from the Coca-Cola Championship in May and have confirmed they require a further investment of £2.9million to survive until the end of the 2010-11 season.

In accounts published up to May 31, 2009 the club showed an operating loss of £4.1million before tax which was not helped by a dip in player sales from £3.5million in 2008 to just £900,000.

Chairman Alan Bowkett said: "As we forecasted, trading in 2009 was difficult. I am pleased to say that we are operating within forecast for the current season but there remain balance sheet matters which need to be addressed.

"We have models going forward which show us to be cash positive both in League One and the Championship - which is of course where we aim to be as soon as possible."

Copyright (c) PA Sport 2009, All Rights Reserved.

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Norwich City
League One

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