annual report is out for shareholders. it makes fairly grim reading

excluding player trading turnover of £40m lead to an Operating loss of -£42m

Revenue growth was marginal £39m to £40m

Wages are 144% of turnover (up from 122% year before)

Player trading resulted in £45m profit on sales up from £24m year before. ties in with our model.

Balance sheet has gone negative to net liabilities of -17m from net assets +4m year before

Owners loans are up a lot. £64m owed to Norfolk Holdings at year end up from £45m year before - net debt now £79m. Interest up to £10m from £8m previous year.

Survival of the club is well and truly in the Yanks hands now. Board acknowledges it may need some outside funding

The club has borrowed against future transfer income (a £4m loan)

Posted By: Tony Martin, Nov 6, 16:02:05