City's finances: The allegations and the truth

“The club's debt is too large”

The debt is certainly larger than we would prefer. The club's debt actually came down last season, from £19.2m to £17.7m, and our income dropped by 7 million as the parachute payments came to an end, so that means we don't need to panic until the end of the current season

# “The Club's £15m securitisation loan is an albatross around the Club's neck”

Yes it is, but we had no choice because we didn't invest in the south stand until we had to.

# “The fact that we broke even last season with a £7m parachute payment means that we will lose £7m in cash this season”

No, this year, we've got lots of expensive players, so we'll lose more than 7m. BUt it's ok, because at the end of the season we'lll sell Hucks and Cureton and Martin and we'lll be able to stay afloat. And Dublin won't be around anymore, so our wages bill will be lighter. So everything's fine.

# “The Club should be looking for new investors”

Of course we shouldn, but no-one wants to invest in little old norwich. Apart from dodgy foreigners, and we don't want their money.

Posted By: Dave in France on October 4th 2007 at 13:28:50

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