Norwich City clear debts

Norwich City chairman Alan Bowkett expresses his delight as the club release impressive financial figures.

Norwich City have cleared all of their external debts after making a modest profit last season.

The Premier League club published their impressive financial figures this morning, showing that they made a £500,000 profit after tax in the year ending May 31, 2013. Overall revenue at Carrow Road was up from £74.3m in 2012 to £78.7m.

These results allowed the club to slash external debt from £11.3m to around £900,000, with £700,000 of that amount as 'preference shares'. The remaining balance has been paid off since June 1.

Norwich chairman Alan Bowkett expressed his delighted at the figures.

He told the club's official website: "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."

Norwich are currently enjoying their third successive season in the top flight after being promoted in May 2011.

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