Norwich City AGM
At a packed Carrow Road recently, Trust board members attended the Norwich City Football Club Annual General Meeting. The Trust was live-tweeting throughout the event and the following headlines were reported:
• Formal business, which included 4 resolutions to be voted on: Accounts passed, re-election of both Ed Balls and Tom Smith to the board and the re-appointment of the auditors – all of these were carried.
• Broadcasting revenues down from £52.4m in 16/17 to £7.5m forecasted for 18/19.
• Operating costs reduced from £73.9m in 16/17 down to £50.2m forecasted for 18/19.
• Football department costs, which includes wages and Colney, reduced from £48.2m in 16/17 to £31.1m forecast for 18/19.
• Cash position at Year End was £16.1m, forecast to be -£5.0m by the end of 18/19.
• A promotional video was shown (if you get the chance, please watch it), followed by some words from Delia and Michael.
• Q&A session followed, including questions around EFL TV deal, auditors remuneration, breaches of FFP regulations, LeoVegas and wider issues around gambling and sponsorship, contract negotiations for DF and SW, penalties, promotion push and funding for such, together with question around keeping players, Bonds, SW ambitions, girls football, Wes & Russ acknowledgement / testimonials, safe standing, away dressing rooms plans (which was met with light-hearted laughter).