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easons to be cheerful?

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I read this from that ITFC forum and sourced from the Guardian. Some might find it of interest:



Accounts for 13 months to 30 June 2013

Ownership: Majority owned by Delia Smith and her husband Michael Wynn Jones

Turnover: 12th in league, £75m (up from £74m in 2012)

Gate receipts: £12m

TV and media: £50m

Catering: £5m

Commercial & other income: £8m

Wage bill: 16th highest, £51m (up from £37m in 2012)

Wages as proportion of turnover: 68%

Profit before tax: £1m (down from £16m profit in 2012)

Net debt: Nil; £7m net cash in the bank

Interest payable: £1m

Highest paid director: 1.716m paid to unnamed director (David McNally is the chief executive)

The state it''s in: A stable, financially well-managed club looks like this, with owners, Delia Smith and publisher husband Michael Wynn Jones, who are fans – until such a club is relegated. The financial chasm between the Premier League and Football League means relegation is a multi-million pound trauma, even with £59m parachute payments to relegated clubs over four years. Norwich have worked hard to nurture fans'' loyalty, on their Delia catering and other businesses, but memories are raw of relegations to League One after their 2004-05 Premier League season. Hence last month''s sacking of Chris Hughton, and appointment of Neil Adams, in a white-knuckle effort to stay up.


This, IMO, constitutes reasons to be cheerful. We ended that season in credit and this particular season was assumed to be the bumper one with the great increase in TV money. The position should likely have improved somewhat.


Let''s hope this strong financial base is used as the bedrock for a quick return. We will again be competing with many clubs who have to exist with the millstone of massive debt restricting their progress.


We have to believe that the high earners on our payroll have relegation clauses in their contracts and that the parachutes will healthily cover any short-fall.


We have to accept that we shall lose a few players, but that they won''t necessarily have to be given away for peanuts as we do not have to sell any we do not want to.


We have to assume that Carrow Road will be full for most of the coming season. wherever we end up.


I have supported the Club for a number of years now and I cannot recall any time in the past when we have not been hard-up, sometimes critically so.


The above figures please me in these dire days.



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Should have bought someone who could score goals with that cash in the bank, and then we may, just may, not be staring relegation in the face this afternoon.

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We thought we had x2 last Summer, it didn''t work out that way though. Then Hughton failed to act correctly in the last window and thought that the answer was Elmander.

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