The Canaries published the figures on Friday afternoon, which showed a dramatic loss of £33.8m in turnover from £73.1m to £39.3m after the conclusion of their two-year period of support through parachute payments following their relegation from the Premier League in 2022.
It is the first time since the 2018/19 campaign that the club have operated without Premier League money or extra support from parachute payments in the Championship.
City have also reported a 'significant operating loss' of £25.5m in the most recent 12-month period, compared to £0.6m recorded in 2023/24.
The club generated a profit of £23.2m from player sales, with notable departures including Gabriel Sara, Adam Idah and Abu Kamara, alongside £12.1m of amortisation recognised during the year. After accounting for player trading, the operating loss was more than double the previous year at £14.4m, compared to a £7.0m loss recorded in 2024.
Gabriel Sara’s sale was included in the recently released Norwich City accounts. _(Image: Martyn Haworth/Focus Images Ltd)_
City's gate receipts and ticket sales dropped from £11.3m to £10.6m over the last 12 months, with broadcasting turnover also suffering a substantial reduction from £44m to £11.8m. Media costs fell from £0.6m to £0.2m but commercial turnover increased slightly from £4.8m to £5m.
There was also a drop in turnover around the women's team, which fell from £0.2m to £0.1m.
The club's main source of income was via ownership group Norfolk FB Holdings LLC, headed up by majority shareholder Mark Attanasio. During the reported financial period, the clubs' shareholders passed a resolution to convert loans of £56.6m, into two new classes of preference shares to enable the American's group to gain 85pc majority control of the club.
Attanasio's group have, through debt financing of £29.8m, provided further funding into the running of the club. That funding has seen the club’s interest cost remain fairly consistent at £7.9m, down slightly from £8.6m in last year's accounts.
City's total operations cost was £26.9m, compared to the utilisation of £4.0m in 2023/24. £21.6m (2023/24: £7.6m) was paid to other clubs in relation to player trading, with £23.2m (2023/24: £14.1m) received in respect of players sold. Norwich also received £2m in loan player income compared to £0.5m in the 12 months previous.
Mark Attanasio’s Norfolk Holdings group continued to invest into Norwich City. _(Image: Adam Harvey/Newsquest)_
The club also utilised £2.3m (2023/24: £4.8m) in the purchase of tangible fixed assets (see note above), as the club continues to invest in infrastructure at both Carrow Road Stadium and their Colney training base.
City's overall staff costs, which includes directors, are also reduced from £44.8m to £39.9m over the last financial year. That figure is made up of five directors, 208 football and academy support staff and 195 other. That means the club's total wage costs as a percentage of turnover is 122pc, up from 71pc last year.
Aggregate emoluments, the total compensation and benefits paid to all directors, is recorded at £443k, down from £451k over the previous calendar year.
The club also committed £2.3m (down from £4.8m last year) to improving the club's infrastructure that includes the installation of bird netting in the Barclay and Regency Security (River End) stands, waterproofing works to the roofs, public address system upgrade, installation of a changing place facility and a sensory room enabling supporters with sensory needs to attend fixtures at Carrow Road plus changes to the hospitality section in the River End.
Norwich City’s transfers after June, including Vladan Kovaacevic, will be included in next year’s accounts. _(Image: PA Images)_
Post balance sheet events show that Norwich spent a guaranteed £25.3m on the signings of Papa Amadou Diallo, Vladan Kovacevic, Mirko Topic, Pelle Mattsson, Mathias Kvistgaarden, Jeffrey Schlupp, Jovon Makama and Jakov Medic. That deals should be subject to another £6.8m depending on player and club performance.
They are also expecting to receive £31.4m for the sales of Brad Hills, Borja Sainz, Jonathan Rowe and Marcelino Nunez, who controversially departed City to join East Anglian rivals Ipswich Town in the final days of the summer window.