EXCLUSIVE: Canaries' debts soar to £23m

[Barossa 0]

http://www.edp24.co.uk/content/edp24/news/story.aspx?brand=EDPOnline&category=News&tBrand=EDPOnline&tCategory=xDefault&itemid=NOED06+Jan+2010+19%3A47%3A13%3A247

[Lambert is King 0]

So total mismanagement by the previous board well done Mr Doncaster. In Mcnally we trust - Amazing that with a dramatic drop in turnover this year now we are in league 1 seems that McNally has a handle on things - we have a better team - and still money to buy Whitbread. Assuming that is right keep up the good work Mr Mcnally wish you would have been here 5 years ago we would have probably been in the premiership now.

[Joanna Grey 0]

How incredibly dull, still, should get the GOFPA reaching for the Kleenex for a week or two.

[Smudger 0]

And the EDP can reveal one of the main reasons behind last season''s heavy loss is the club''s loan player policy primarily adopted by former City boss Glenn Roeder.

The figures, which run from June 1, 2008 to May 31 last year cover a torrid time in the Canaries'' history, with its Championship campaign ending in relegation, while chief executive Neil Doncaster and chairman Roger Munby resigned before the summer.

Against that background, Norwich''s losses almost doubled from a £2.77m deficit the previous season, while the club''s debt has increased from the 2007-08 figure of £18.8m.

............................................................................................................................................................................................................................................................................................................

Going over the same old ground, blaming the same old people for past errors I see???

Let us not forget that our major shareholders who have oversaw this demise still sit in power and have still failed to find fresh investment of any kind.

Nice to see Archant still spinning the same record of no possible investors being out there, despite being caught out in the past and a number of clubs of a similar or smaller size finding new backers.

We all knew the club was struggling financially and Archant seem to think they can sell this as a headline breaking story... [:$]

[John 0]

Meh... Given what happened over the last year, it''s to be expected.Wish it wasn''t built up as much as it was though.

[Mello Yello 2,572]

[quote user="Mustachio Furioso"]How incredibly dull, still, should get the GOFPA reaching for the Kleenex for a week or two.[/quote]

.....Yeah, what''s 23 million?.....Pah, spend that on a good night out....

[canary cherub 1]

Roeder didn''t hold the purse strings, Doncaster did. 

 

[can u sit down please 0]

I cant believe that the people running the club stood for this!

If they had any clue about football they would have vetoed some of the loans, as a few players coming in weren''t even fully fit!

Ridiculous mismanagement!

[Chelmsford Canary 0]

Is this the exciting news from EDP?

Can''t wait for some proper news!!

[morty 0]

So glad I didn''t actually waste money buying the paper for that!!

[Mello Yello 2,572]

[quote user="Colchester Canary"]

Is this the exciting news from EDP?

Can''t wait for some proper news!!

[/quote]

 You need to wait for Oracle Cameldung - if you desire most informative and really interesting ''proper news''...

 

[kevin brighton 0]

As sad and worrying as this, is it is not the time to start another round of Delia or board bashing whats done is done and hopefully lessons have been learnt. What do we want promotion which is possibly the only thing that will save us and the only thing that will retain Lambert and most of the squad. It is not likely that the cavalry will come over the hill in the form of Mr Cullum or any other investor.

So all we can do is continue to support and roar the team on to the Championship.

 

[morty 0]

I''m sure that someone will use this news to dish out some sort of extremely boring "I told you so" type of post. I have a list of suspects forming in my head as I type lol.

[kdncfc 0]

If we fail to get promoted this season and don''t find a new majority shareholder we''re buggered, all the decent players we do have will be sold to pay off some of the debt and we''ll be on a par with the majority of teams in this division. On the bright side it seems that someone must be putting their hands in their pockets to finance the new players, probably Foulger. Let''s just hope it pays off and we get promoted.

[TheGoogler 604]

[quote user="can u sit down please"]

I cant believe that the people running the club stood for this!

If they had any clue about football they would have vetoed some of the loans, as a few players coming in weren''t even fully fit!

Ridiculous mismanagement!

[/quote]

[Y]

Totally agree.

[William Darby 0]

Well you can see why McNally elbowed Gunn to get a real manager in.  It looks like promotion or bust,  which was what many said in the first place.

[Power Ranger Canary 0]

it does look like promotion or bust (bust unless some hero comes and saves us) this is why i believe money is coming from somewhere as a million on players in december with a good chance of promotion is a hell of a lot cheaper than not getting promoted. I think they tried the same with roeder but he just wasted it on loans.

[Mello Yello 2,572]

[quote user="morty"]I''m sure that someone will use this news to dish out some sort of extremely boring "I told you so" type of post.

I have a list of suspects forming in my head as I type lol.
[/quote]

So therefore, the list of suspects ''told you so'' brigade....must have some credibility?

[Jim Smith 2,610]

Well done to the EDP for this massive exclusive and to michael j bailey for all his "hard work and persistance" in putting this story together which has presumably involved sitting on his backside andwaiting for the club to release details of the accounts and then simply picking out the main headlines!

For me whilst this story is not particularly interesting as it tells us what we already knew this afternoons press conference could be of great interest as it may well be that they are going to reveal what measures have been.are being taken to get us out of the mess which could be much more interesting. It may be that perversely the situation has now got so bad that we have finally found ourselves in a position to be able to negotiate with the banks! Given that the editor is now on our board I can''t believe this story would have gone out unless perhaps it is to be followed up with a series of more positive announcements.

The one thing this revelation does lay to rest is Doomcaster and the perception that he was applying prudence with ambition. Whilst most of us were of the view it was the ambition that was lacking it now appears that prudence was as well but then many, many people on here were pointing out the flawed logic of the loan approach and the fact it meant a huge expenditure with no saleable assets to show for it at the end of the process.

 

[morty 0]

[quote user="Mello Yello"]

[quote user="morty"]I''m sure that someone will use this news to dish out some sort of extremely boring "I told you so" type of post. I have a list of suspects forming in my head as I type lol.[/quote]

So therefore, the list of suspects ''told you so'' brigade....must have some credibility?

[/quote]Not really, todays news is hardly earth shattering!! And saying I told you so way after the fact is hardly genius! I think we all know that Rodent made colossal mistakes and the whole loan police was clearly flawed, being smug about it is crass.

[Mr.Carrow 394]

Couple of points:

We are constantly told that clubs can`t borrow money to pay for players, yet this article suggests that is what we`ve done- personally i don`t think it`s as simple as that.

It also states that "the wage bill was £8.5m, the same as in `07-`08", which is plain wrong as player wages were £6.8m in that year, overall wages £14m.

[morty 0]

Or it all could be a clever ploy so we can play broke and not have to pay inflated prices in the transfer window lol.

[0ridgemanddMMyyyy0Falseen-USTrue 0]

[quote user="Lambert is King"]So total mismanagement by the previous board well done Mr Doncaster. In Mcnally we trust - Amazing that with a dramatic drop in turnover this year now we are in league 1 seems that McNally has a handle on things - we have a better team - and still money to buy Whitbread. Assuming that is right keep up the good work Mr Mcnally wish you would have been here 5 years ago we would have probably been in the premiership now.[/quote]

 

 

Doncaster has really stuffed this club up big time he stated last year that the way forward for this club was loan players. Thank goodness that door has closed and we are now moving forward. 

[ZLF 335]

Why does it look like promotion or bust?? These are last seasons results and our income will be down a little but the wage bill will be down a lot.  The accounts include the roeder pay off and the cheap gunn dismissal,  and the loan fees will have vanished.

We will make a loss next season,  ut it will be smaller,  and the noise from McNally is that while they still want to improve the situation things have improved over thelast 5 months.  Why would I not beleive his comments on that?

[pete_norw 0]

[quote user="morty"]Or it all could be a clever ploy so we can play broke and not have to pay inflated prices in the transfer window lol.
[/quote]

Get the collection buckets out we need it more than KingsLynn

[kdncfc 0]

[quote user="ZippersLeftFoot"]

Why does it look like promotion or bust?? These are last seasons results and our income will be down a little but the wage bill will be down a lot.  The accounts include the roeder pay off and the cheap gunn dismissal,  and the loan fees will have vanished.

We will make a loss next season,  ut it will be smaller,  and the noise from McNally is that while they still want to improve the situation things have improved over thelast 5 months.  Why would I not beleive his comments on that?

[/quote]

The banks won''t wait for their money for ever and will want to see the debt reduced as soon as possible, for  as long as we''re in league 1 it will be very difficult to reduce the debt while remaining competetive on the pitch. If we don''t go up I''d imagine gates will go down next season especially if we have to sell our best players, unless there''s an announcement on additional funding at todays press conference it''s imperative we go up this season imo.

[lappinitup 629]

[quote user="Mr.Carrow"]It also states that "the wage bill was £8.5m, the same as in `07-`08", which is plain wrong..........[/quote]It actually states..........

"Last season''s wage bill is believed to be similar to the £8.5m figure for 2007-08...............although the exact figure will not be revealed in the official accounts".

Close! [;)]

[blahblahblah 2]

[quote user="lappinitup"]

[quote user="Mr.Carrow"]It also states that "the wage bill was £8.5m, the same as in `07-`08", which is plain wrong..........[/quote]It actually states..........

"Last season''s wage bill is believed to be similar to the £8.5m figure for 2007-08...............although the exact figure will not be revealed in the official accounts".

Close! [;)]

[/quote]

Doesn''t matter now lappin, Mr C has put it in this thread, so from now on it''s an internet FACT [;)] - ABout time for another 40 page thread, wouldn''t you say ?...

[Mello Yello 2,572]

[quote user="pete_norw"]

[quote user="morty"]Or it all could be a clever ploy so we can play broke and not have to pay inflated prices in the transfer window lol.
[/quote]

Get the collection buckets out we need it more than KingsLynn

[/quote]

Collection buckets?.... ..Two dozen of these deposited around Carra might make a slight dent on a £23 million debt....

[a1canary 0]

I''d be really interested to know what our turnover is now. I actually doubt it will be ''dramatically'' less than it was in the champ. Our gates are, if anything, bigger now, i doubt of merchandising sales are much different. The main difference will be in tv revenues but these will have gone from not much to a bit less!

It''s not as if promotion to the championship is going to save us.

And another thing, Archant, show us what your made of and go and FIND Roeder and get an interview with him. I want to see what he has to say for himself. But don''t do it anywhere in Norwich. If that man is ever seen in the city again and i don''t think he''ll be leaving it.