Norwich Free of External Debt in Latest Accounts

Norwich have revealed that they have paid off all external debt and made an after-tax profit of £500,000 ($800,000) in their accounts for the year ending 31 May 2013.

The Premier League club’s revenue increased to £78.7m ($125m) from £74.3m ($118m). Profit was down from the previous year’s £13.5m ($21m), though this was largely a result of club decreasing external debt from £11.3m ($18m) to £900,000 ($1.4m). £700,000 ($1.1m) of the remaining debt is ‘preference shares’, and the remaining balance has since been paid off.

Norwich chairman Alan Bowkett said: “Again these are a pleasing set of financial results in line with our objective of attempting to run the club as a mutual.

“We have been able to cement our position in the Premier League by increasing our expenditure on football by 46 per cent and yet still be one of a few clubs in the Premier League to remain in profit.

“Additionally, subsequent to the accounts cut-off date, we have paid back all of our external debt.

“My thanks to all the team at Norwich City Football Club, both on and off the field.”