Ricardo's report The AGM

[ricardo 7,401]

Thanks largely to a years income from the Premier League and some recent impressive results, it was a very happy crowd of shareholders that assembled in the Norfolk room for tonights AGM. Loud applause greeted Chis and the board as they took stage and in the first business MWJ and Michael Foulger were re-elected as directors.Alan Bowkett delivered his usual highly professional presentation of the figures and as the multi million pound riches of Premier League flashed up on screen, Ricardo could not help but think back to the fag packet and peanuts days of yesteryear. Turnover of £82 million, 59% of which was TV  money against only 14% from ticket sales. The bottom club this year will get £42 million but next year it will be £70 million even if they don''t win a single game! It makes you think, doesn''t it? and Mr Bowkett was stating the bleedin'' obvious when he said "we must stay in the Premier League this season and everything the club does will be aimed at that one target."McNally then told us about the clubs aims. Simply stated, we are a mutual and every penny profit will be ploughed into football. (gone are the days of property and building speculation). Debt has been paid down each year from 2009, it has decreased from £20,£18,£16,£11 millions and will be virtually nothing by next year. We paid £3.25 million interest last year and that money can now be put back into football. We are spending extra money on the status 1 Academy and this means a headcount increase as we employ top class coaches. He also revealed that the scouting system has been revamped and has been expanded into 3 countries in Europe.Sam Gordon then gave us a look at next years budget. Spending will total £87.8 million including £31 million for wages and £14.6 million for player purchases. The budget forecast is made with the assumption of 16th place and no cup runs so anything better than that will add to the bottom line. In any event the budget expects to show a profit next year of £2.8 million after tax.On to a Q & session. It was no surprise that ground expansion featured in several of the questions from the floor. Ricardo said a few weeks ago that this was drifting into the middle distance and from Bowkett''s replies this feeling was confirmed. Apart from the logistical problems the finance required for a 35k capacity would be a loan of £31 million, costing £2.25 million a year over 20 years and would need 92% occupancy to break even. So folks, it aint coming anytime soon.There will be funds for the January window but Chris in his own very articulate manner was giving no clues where his strengthening priorities lie. There were also questions on the Lambert situation but Bowkett was not very revealing in his answers only to say it was in the hands of the legal dept but reading between the lines it seemed like he was saying our position is a good one. He went out of his way to pay respects to Lambert as a manager and to what he had achieved for the club.It was nice to here from Delia who answered the irrepressible Peter Wolsey who wanted a reduction in season ticket prices. Quite simply it comes down to this " do you want cheap tickets or do you want Premier League football. A no brainer as far as Ricardo is concerned but I expect this one will continue to run. We almost got a comedy performance from the usual suspect but Bowkett was quick to close him down thank Christ. Something previous Chairmen had singly failed to do.Finally, McNally made an admission of pricing the Spurs game wrongly but revealed that the Villa match will be a sell out. All in all it was a successful meeting, all questions were answered, Norwich City are every inch Premier League, God is in his Heaven and all''s right in Ricardo''s world.[;)]

[Twitchy 0]

Nice one Ricardo cheers for that report.

[PKC 0]

Thanks for that Ricardo; I am working in Stockport this week so was unable to attend

[Stig 0]

[quote user="ricardo"]Thanks largely to a years income from the Premier League and some recent impressive results, it was a very happy crowd of shareholders that assembled in the Norfolk room for tonights AGM. Loud applause greeted Chis and the board as they took stage and in the first business MWJ and Michael Foulger were re-elected as directors.Alan Bowkett delivered his usual highly professional presentation of the figures and as the multi million pound riches of Premier League flashed up on screen, Ricardo could not help but think back to the fag packet and peanuts days of yesteryear. Turnover of £82 million, 59% of which was TV  money against only 14% from ticket sales. The bottom club this year will get £42 million but next year it will be £70 million even if they don''t win a single game! It makes you think, doesn''t it? and Mr Bowkett was stating the bleedin'' obvious when he said "we must stay in the Premier League this season and everything the club does will be aimed at that one target."McNally then told us about the clubs aims. Simply stated, we are a mutual and every penny profit will be ploughed into football. (gone are the days of property and building speculation). Debt has been paid down each year from 2009, it has decreased from £20,£18,£16,£11 millions and will be virtually nothing by next year. We paid £3.25 million interest last year and that money can now be put back into football. We are spending extra money on the status 1 Academy and this means a headcount increase as we employ top class coaches. He also revealed that the scouting system has been revamped and has been expanded into 3 countries in Europe.Sam Gordon then gave us a look at next years budget. Spending will total £87.8 million including £31 million for wages and £14.6 million for player purchases. The budget forecast is made with the assumption of 16th place and no cup runs so anything better than that will add to the bottom line. In any event the budget expects to show a profit next year of £2.8 million after tax.On to a Q & session. It was no surprise that ground expansion featured in several of the questions from the floor. Ricardo said a few weeks ago that this was drifting into the middle distance and from Bowkett''s replies this feeling was confirmed. Apart from the logistical problems the finance required for a 35k capacity would be a loan of £31 million, costing £2.25 million a year over 20 years and would need 92% occupancy to break even. So folks, it aint coming anytime soon.There will be funds for the January window but Chris in his own very articulate manner was giving no clues where his strengthening priorities lie. There were also questions on the Lambert situation but Bowkett was not very revealing in his answers only to say it was in the hands of the legal dept but reading between the lines it seemed like he was saying our position is a good one. He went out of his way to pay respects to Lambert as a manager and to what he had achieved for the club.It was nice to here from Delia who answered the irrepressible Peter Wolsey who wanted a reduction in season ticket prices. Quite simply it comes down to this " do you want cheap tickets or do you want Premier League football. A no brainer as far as Ricardo is concerned but I expect this one will continue to run. We almost got a comedy performance from the usual suspect but Bowkett was quick to close him down thank Christ. Something previous Chairmen had singly failed to do.Finally, McNally made an admission of pricing the Spurs game wrongly but revealed that the Villa match will be a sell out. All in all it was a successful meeting, all questions were answered, Norwich City are every inch Premier League, God is in his Heaven and all''s right in Ricardo''s world.[;)][/quote]

Ah! There we go, was waiting for this. Thank you Ricardo, very much appreciated. Sounds like everything I wanted to hear. Though the loan of £31million sounds excessive... it would likely change Carrow Road beyond recognition if that were the case. Ah well, I''m in agreement it isn''t a priority for now. Sounds like the spirits are high, and I''m feeling it too!

Night night, and thanks again!

[Mr Jenkins 0]

Thank you so much Ricardo dear, that is an excellent report and produced so swiftly, your little fingers must have been burning up your keyboard. Well it looks like our colleagues who have been posting so vehemently about the folly of ground expansion and the cooling of the Board in this respect were right, hats off I think to dear Nutty and of course the other chap.Wonderful news about the financial position and a clean sheet by next year, how many other Premier League clubs will be able to make that claim. A bit surprised that an indication of the size of our transfer pot was given, perhaps I misread that bit, it`s time for my hot toddy.Thank you again dear! 

[Redders Right Foot 22]

with the improvements going on at the club, 14.6m for players next year is quite impressive, and as you say it can even be more with good cup runs and a higher than 16th finish.

I suspect some will complain, but we don''t actually need many players right now. everyones waiting on a striker in january, and if that works out, then I would really only expect us to make 2-4 signings for next season as improvements to the club. (Garrido perm included.)

[ricardo 7,401]

[quote user="canarygirl"]Thank you so much Ricardo dear, that is an excellent report and produced so swiftly, your little fingers must have been burning up your keyboard. Well it looks like our colleagues who have been posting so vehemently about the folly of ground expansion and the cooling of the Board in this respect were right, hats off I think to dear Nutty and of course the other chap.Wonderful news about the financial position and a clean sheet by next year, how many other Premier League clubs will be able to make that claim. A bit surprised that an indication of the size of our transfer pot was given, perhaps I misread that bit, it`s time for my hot toddy.Thank you again dear!  [/quote]Transfer pot could be much bigger dependent upon what riches Cup competitions bring. I don''t find it surprising that the club has to budget a certain amount for transfers and any outsider who doesn''t know that Premier Clubs have zillions to spend has not been following very closely.

[Gingerpele 0]

All sounds very good. Certainly I feel that the cub is being run very well and I couldn''t be any happier supporting this club. (Unless we won the PL or CL, or both, in the same season, along with the FA cup and maybe even the COC, with Grant Holt picking up the Ballon d''Or)

[tom cavendish 0]

[quote user="ricardo"]On to a Q & session. It was no surprise that ground expansion featured in several of the questions from the floor. Ricardo said a few weeks ago that this was drifting into the middle distance and from Bowkett''s replies this feeling was confirmed. Apart from the logistical problems the finance required for a 35k capacity would be a loan of £31 million, costing £2.25 million a year over 20 years and would need 92% occupancy to break even. So folks, it aint coming anytime soon.[/quote]As I have said before, the most viable option will be to sell FCR to release funds towards building a new stadium elsewhere in the city.

[Bws Cat 0]

Please don''t even go there with that crap Tom...

[PurpleCanary 5,580]

[quote user="ricardo"]


Sam Gordon then gave us a look at next years budget. Spending will total £87.8 million including £31 million for wages and £14.6 million for player purchases. The budget forecast is made with the assumption of 16th place and no cup runs so anything better than that will add to the bottom line. In any event the budget expects to show a profit next year of £2.8 million after tax.

On to a Q & session. It was no surprise that ground expansion featured in several of the questions from the floor. Ricardo said a few weeks ago that this was drifting into the middle distance and from Bowkett''s replies this feeling was confirmed. Apart from the logistical problems the finance required for a 35k capacity would be a loan of £31 million, costing £2.25 million a year over 20 years and would need 92% occupancy to break even. So folks, it aint coming anytime soon.

[/quote]

 

Thanks very much for the detailed report, ricardo. Those figures from Sam Gordon (I take it they are for the current financial year?) are very interesting. Or at least I hope they are when I look at them properly tomorrow...

[Badger 2,412]

Thank you Ricardo

[Bill 1,788]

Excellent stuff Ricardo, worthy of the reporters and hard metal compositors of old who would get the Pinkun out onto the streets of Norwich by half five every Saturday evening. Have yourself a decent jar or two in thanks from us all.

 

The grown expansion stuff was pretty much known. There just isn''t the demand there to make it viable, and 20 years is a long time to gamble that we will remain in the top flight, that TV money will stay the same etc. Every million spent in subsidy now is less for football, and possibly crippling outside of the PL.

 

Very heartened to hear the stuff about the acadamy and the investment there - likewise the scouting network. I''m sure the latter will not be restricted to only bringing in fully fledged professionals. If we have the infrastructure, the coaches and the status (PL) we should be able to develop a a very fine acadamy bringing in raw talent from far beyond the county borders.

 

From Ricados report it does seem as if the club is moving very positively in the right direction by recruiting the right personel. From the CEO, to the manager, to coaches for the acadamy. No more the days of being a ''make do and muddle club'', where staff were recruited because they had once played for the club. Where second best was acceptable because ''we had a go .. sort of".

 

A good bit less of the wringing of the cloth cap, and good bit more waving of the top hat

 

 

[Alex Moss 2,165]

Cheers Ricardo, both interesting and pleasing to read. Our club really is in the best possible hands, both on and off the pitch, us City supporters have much to be grateful for. OTBC

[Felixfan 53]

[quote user="tom cavendish"][quote user="ricardo"]

On to a Q & session. It was no surprise that ground expansion featured in several of the questions from the floor. Ricardo said a few weeks ago that this was drifting into the middle distance and from Bowkett''s replies this feeling was confirmed. Apart from the logistical problems the finance required for a 35k capacity would be a loan of £31 million, costing £2.25 million a year over 20 years and would need 92% occupancy to break even. So folks, it aint coming anytime soon.

[/quote]

As I have said before, the most viable option will be to sell FCR to release funds towards building a new stadium elsewhere in the city.
[/quote]

I have been saying this for years

[Stig 0]

[quote user="tom cavendish"][quote user="ricardo"]On to a Q & session. It was no surprise that ground expansion featured in several of the questions from the floor. Ricardo said a few weeks ago that this was drifting into the middle distance and from Bowkett''s replies this feeling was confirmed. Apart from the logistical problems the finance required for a 35k capacity would be a loan of £31 million, costing £2.25 million a year over 20 years and would need 92% occupancy to break even. So folks, it aint coming anytime soon.[/quote]As I have said before, the most viable option will be to sell FCR to release funds towards building a new stadium elsewhere in the city.[/quote]

Yeah we can sell it to Norwich United Football Club....

Get out of it! What next, we become the Aviva Stadium 2.0? How about we sell Carrow Road and go back to The Nest, redevelop there? Pish posh!

[tom cavendish 0]

[quote user="BWs Cat"]Please don''t even go there with that crap Tom...[/quote]It isn''t crap, it is logic.Do you seriously think the current board will spend £45m (£2.5m x 20 years at 92% capacity) plus go through the hassle and costs of a reduced capacity whilst the work is done, just to raise the stadium capacity by about 7k?Also consider that if NCFC can stay in the Premier League then gate recipients will likely become an even smaller percentage of income than it is at the moment.Should they still want a stadium with a 35K or above capacity then the logical option will be to sell FCR when land prices are high and build on land owned by the council or UEA.

[TIL 1010 4,792]

Someone suggested that the Villa game would attract a crowd of about 16,000 to which McNally replied that there were only 700 seats left and he was totally confident of a sell out provided Villa sold all their allocation which they have assured NCFC they will do. McNally then with a touch of humour suggested that the tickets were too cheap.

Peter Wolsey obviously realised that to take on Bowkett and McNally over season ticket increases was a non starter so addressed his question to Delia hoping that maybe she had drunk a sherry or three before the meeting and attempted to get her to agree to a price freeze but once she realised the floor were with her she gained in confidence and sent him packing. As for David Bately as Ricardo has said Bowkett dealt with him before he had a chance to commence his usual ten minute ramble. Absolutely brilliant and not before time.

[TIL 1010 4,792]

[quote user="tom cavendish"][quote user="BWs Cat"]Please don''t even go there with that crap Tom...[/quote]

It isn''t crap, it is logic.

Do you seriously think the current board will spend £45m (£2.5m x 20 years at 92% capacity) plus go through the hassle and costs of a reduced capacity whilst the work is done, just to raise the stadium capacity by about 7k?

Also consider that if NCFC can stay in the Premier League then gate recipients will likely become an even smaller percentage of income than it is at the moment.

Should they still want a stadium with a 35K or above capacity then the logical option will be to sell FCR when land prices are high and build on land owned by the council or UEA.
[/quote]

YAWN.[:@]

IT AIN''T GOING TO HAPPEN.......GET IT ?

[Bill 1,788]

Perhaps this crank would care to tell us all what has happeneed to Bristol Rovers new stadium, which was to be part funded by the sale of it''s old ground.

 

The work was expected to start in January 2013.

 

 

[tom cavendish 0]

[quote user="City1st"]

Perhaps this crank would care to tell us all what has happeneed to Bristol Rovers new stadium, which was to be part funded by the sale of it''s old ground.

The work was expected to start in January 2013.

 [/quote]

Please refrain from personal abuse.

A quick search on google shows that they got planning permission for their new stadium on university owned land. They agreed to sell their current stadium to Sainsbury''s subject to planning permission. Sainsbury''s are now seeking planning permission to build on the existing stadium site. They hope the planning meeting will be in January 2013. If Sainsbury''s get planning permission then the new stadium can be built.

[ABC (A Basingstoke Canary) 26]

Thank you sire.

 

Was any mention made of the possibility of "standing only" areas?

[Mungo Bumpkin 0]

There was a question on this specific topic. McNally squashed it. Said that "all seated" stadia are currently a legal requirement so standing couldn''t be trialled even if there was a wish to do do. He also said it would be a backward step to go back to the terraces of old. Not going to happen.

[R Mellie 0]

Great read Ricardo, thanks very much for a detailed & illuminating report.

[ROBFLECK 132]

Thanks Ricardo, I am abroad for work too. Glad to hear that my shares have gone up up up again ;-) Seriously, it''s interesting to hear the part on the stadium expansion. That would''ve been my question too. Have to say that I didn''t expect anything else than evasive action regarding the Lambert issue...

[Cantiaci Canary 558]

[quote user="tom cavendish"][quote user="BWs Cat"]Please don''t even go there with that crap Tom...[/quote]It isn''t crap, it is logic.Do you seriously think the current board will spend £45m (£2.5m x 20 years at 92% capacity) plus go through the hassle and costs of a reduced capacity whilst the work is done, just to raise the stadium capacity by about 7k?Also consider that if NCFC can stay in the Premier League then gate recipients will likely become an even smaller percentage of income than it is at the moment.Should they still want a stadium with a 35K or above capacity then the logical option will be to sell FCR when land prices are high and build on land owned by the council or UEA.[/quote]

Whilst I fully appreciate that sentimentality has virtually no small cranny left to call home in the modern game of 70,000,000 pounds for a last place finish I have to say that, irrespective of what some other club''s fans say, I feel that we would lose a bit of our soul if we turned Carrow Road into Tescos and rebuilt a carbon copy of someone else''s stadium on the fringes of the city. I couldn''t bear to leave despite understanding the corporate arguments in favour.

[zemas tendon 0]

I see the Cook whipped out the Loyalty Card and rammed it down our throats, with a price increase to season ticket holders, Well Crook im sure we are in top half of the most expensive season tickets in the Premiership anyway!!

[paul moy 235]

[quote user="Mungo Bumpkin"]There was a question on this specific topic. McNally squashed it. Said that "all seated" stadia are currently a legal requirement so standing couldn''t be trialled even if there was a wish to do do. He also said it would be a backward step to go back to the terraces of old. Not going to happen.[/quote]

... but the new standing system in Germany for example is far removed from the old terraces of old, with barriers in front and behind standing supporters. He is missing a trick here as this could be a way to expand capacity without expanding the stadium. Standing could allow at least hundreds and maybe even thousands of extra supporters to see a game.

[Old Shuck 188]

[quote user="paul moy"]

[quote user="Mungo Bumpkin"]There was a question on this specific topic. McNally squashed it. Said that "all seated" stadia are currently a legal requirement so standing couldn''t be trialled even if there was a wish to do do. He also said it would be a backward step to go back to the terraces of old. Not going to happen.[/quote]

... but the new standing system in Germany for example is far removed from the old terraces of old, with barriers in front and behind standing supporters. He is missing a trick here as this could be a way to expand capacity without expanding the stadium. Standing could allow at least hundreds and maybe even thousands of extra supporters to see a game.

[/quote]

 

If its ever to happen Paul, it isn''t about McNally and the club missing a trick. They can''t plan it, look into it, or trial it, as the law, as it stands (unlike the supporters) does not permit it. The trick, idea or potential scheme to allow it is in the hands of the relevant authorities and, as they have nothing to gain whatsoever by re-introducing it, and everything to lose if even one supporter injury or, heaven help us, fatality comes about that is attributed to a new standing area...its never going to happen and the club know that, hence DmN dismissing it at the meeting.

 

As for the "new stadium" Tom, much as I admire your continued belief that the club should sell up and build a DIY stadium on unsuitable land that doesn''t belong to them, that isn''t going to happen either-certainly not, I would casually guess, for the next five decades or so at the very least. A new stand in front of the hotel won''t manifest either, though I imagine there will, eventually, be some seats put in there and work down, in general, all over the stadium to fit more in anywhere they can. Could we get capacity up to 28,000 that way?

 

Great report Ricardo, thankyou. Could someone educate me about the gentleman who has, up to last night, gone off on a ramble every year but is now being cut off in his tracks??

[ZLF 274]

the issue is only seating only stadium are legal; we can only apply pressure to the club for a terrace if the law is changed surely??