Norwich City Financial Results 2024/25

The 2024/25 campaign marked the 123rd season in Norwich City’s history and their third consecutive year in the Championship following relegation from the Premier League in 2021/22.

In recent decades, Norwich’s story has been one of fluctuation between divisions — with six of the last twenty seasons spent in the Premier League, thirteen in the Championship, and one in League One. During 2024/25, the Canaries never truly challenged for a play-off place, spending most of the season in mid-table before finishing 13th. Domestic cup competitions offered little relief, with exits in the third round of the FA Cup and the second round of the Carabao Cup.

Off the pitch, the club underwent a significant ownership transition. After 28 years at the helm, Delia Smith and Michael Wynn-Jones handed over majority control to American investor Mark Attanasio, owner of the Milwaukee Brewers Major League Baseball team. As of October 2024, Attanasio held an 85% stake in the club through Norfolk FB Holdings, while Smith and Wynn-Jones retained 10% and were appointed Honorary Life Presidents.

Under Smith and Wynn-Jones, Norwich operated a self-funding model, living within the club’s means rather than relying on external investment — a philosophy that prioritised stability but limited financial flexibility.

Attanasio has signaled a more proactive approach. Reflecting on his discussions with the outgoing owners, he remarked:

"One of the pledges I actually made to Delia and Michael before was that we would open our cheque book and do everything we could to make the team as best as it can be – something that the community could keep being proud of.”

Before taking majority ownership, Attanasio had already lent the club £69 million through his company, with £58 million later converted to equity to secure his controlling stake. While this demonstrates his willingness to invest, much of the funding has been absorbed by operating losses rather than squad strengthening.

Attanasio is currently facing some serious challenges on and off the pitch. The loss of Premier League parachute payments, cut annual revenue by around £38 million last season and the start of their 25/26 campaign has been a disaster. Currently sitting in 23rd position, with just financially troubled Sheffield Wednesday below them and manager Liam Manning already replaced with Phillipe Clement. There is a long way to go, but a drop to League One would be a disaster for the new owners following the investment they have made.

Financial Results 2024/25

Norwich City are one of only two Championship clubs to have published their financial results, the other being Derby County.

Financial highlights:

• Total revenue fell from £73 million to £39 million, primarily due to the end of Premier League parachute payments.

• Salaries and wages decreased by £4 million and player amortisation by £7.7 million. However, total staff costs of £60 million were still 150% of turnover.

• The sales of Sara, Idah and Abu Kamara generated a combined £23 million in profits.

• Losses rose from £14 million in 2023/24 to £21 million in 2024/25.

• Net assets moved into a positive position of £5 million after £58 million of loans were converted into equity.

• The club spent £32 million on players, with Ante Crnac the most expensive signing. This was largely offset by £31 million received from the sales of Sara, Idah and Kamara.

• Debt stood at £66 million, down £28 million, following the £58 million conversion to equity and a net £28 million increase in loans.

• The owner provided additional funding through a £34 million loan, £11 million of which was used to repay short-term debt.

Financial Outlook

Off the pitch, Norwich’s 2025/26 financial results are likely to mirror those of 2024/25. If revenue and staff costs remain at similar levels, substantial operating losses are expected once again, with the club relying on player-sale profits—likely in the £25–30 million range—to offset them.

The real challenge lies on the pitch: can they recover from their disastrous start? A drop to League One would deliver a major financial blow.

Turnover

Key revenue sources include matchday income (ticket sales), central broadcasting distributions from the EFL, Premier League solidarity payments, and commercial income such as sponsorships, merchandising, and other business activities.

The chart below illustrates the sharp decline in revenue that followed Norwich’s relegation from the Premier League in 2021/22 and their subsequent loss of parachute payments in 2024/25.

Norwich remain one of the larger clubs in the Championship, and even without parachute payments their revenue is likely to sit towards the upper end of the division.

As only Norwich and Derby have released their results so far, the chart below sets their figures against other clubs’ 2023/24 revenue.

Matchday Revenue

Matchday revenue is influenced by factors such as the number of home games, average attendance, ticket prices, and the club's ability to generate income from hospitality events and corporate boxes. The only exception to this is domestic cup matches, where revenue is shared between the clubs and the FA.

Carrow Road, the club’s home since 1935, has a capacity of 27,150. In 2024/25, Norwich City averaged 26,315 supporters per league match — 97% of capacity — representing a 1% increase on the previous season and the seventh-highest attendance in the Championship. The club had just over 20,000 season ticket holders, accounting for 74% of those attending matches.

Their average revenue per fan increased marginally to 16.80 after the club introduced a small season ticket increase. However the club played 1 less home match and three fewer cup games than the previous season., resulting in a drop in matchday revenue from 11.3 million to 10.6 million.

Broadcast Revenue

With the club no longer receiving Premier League parachute payments, broadcast income now comes solely from EFL central distributions and Premier League solidarity payments. An uplift in EFL TV rights increased central distributions to £5.4 million, with solidarity payments estimated at £5.3 million. Total media revenue for the year was £13.4 million — a stark contrast to the £46 million earned in 2023/24.

Commercial Revenue

Commercial revenue also saw a slight decline, falling from £15.7 million to £15.3 million. This is likely disappointing for the club, as commercial income is typically an area targeted for growth. Sponsorship revenue contributed £4.3 million, catering £4.2 million, with the remainder coming from UEFA solidarity payments and other commercial activities. Norfolk-based clothing brand Blakely replaced Lotus as the club’s shirt sponsor, following Lotus’s five-year tenure.

Staff Costs

Staff costs include salaries and wages paid to all employees, the amortisation of transfer fees (spreading the cost of a player’s acquisition costs over the length of their contract), and any impairments (incurred when a player’s estimated current market value falls below their book value). 

Salaries and wages fell slightly from £52 million to £48 million. Given the drop in revenue, a larger reduction might have been expected, highlighting the club’s continued ambition to return to the Premier League.

Meanwhile, several departures lowered the squad’s book value, and with relatively limited spending on new signings, amortisation fell from £18 million to £12.1 million in 2024/25.

Comparing total staff costs to other clubs (using 2023/24 results except Derby) the chart below shows their staff costs were less than a half the three big clubs, Leeds, Leicester, and Southampton, but higher than all other clubs not in receipt of parachute payments.

The club’s total staff costs amount to 150% of revenue, presenting significant profitability challenges. Norwich is not alone in this; in the 2023/24 season, 16 Championship clubs had staff-to-revenue ratios exceeding 100%. With such as high ratio, Norwich are then reliant on selling players profitably to reduce losses.

Profit on Player Sales

The club generated £23.3 million in profits from player sales, the highest amount since dropping from the Premier League. This was mainly due to Gabriel Sara sale to Galatasaray, Adam Idah to Celtic and Abu Kamara to Hull City.

The club will again generate similar profits this year, particularly with the departures of Borja Sainz and Marcelino Nunez in the summer transfer window.

Profit and Loss

With such a significant drop in revenue, it was always likely to be a season focused on containing losses. The club did not make substantial cuts to salaries and wages — by far its largest expense — but did reduce day-to-day operating costs by £3.5 million. Also as noted earlier, amortisation fell by £7.6 million and player sales generated a significant £23 million.

This led to an overall loss of £20.7 million, higher than the previous season’s £14.4 million but lower than the losses recorded in 2022/23 and 2021/22. Since relegation from the Premier League, total losses have reached £75 million. Considering the club has received around £90 million in parachute payments during this period, it underscores the enormous costs associated with attempting to return to the top flight.

These losses must be covered by the owners and remain within EFL profitability rules, which permit an adjusted loss of £13 million per year over a three-year period. Adjustments account for spending on youth development, women’s football, and infrastructure. Norwich do not publish their ‘adjusted’ figures, but it is reasonable to assume that their adjusted losses over the past three seasons remain within the EFL limits.

Losses are common in the Championship. In 2023/24, only four clubs recorded a profit, all achieved through player sales. Based on the 2023/24 results, Norwich’s loss would have been the fifth-largest, behind Stoke, West Brom, Ipswich, and Leeds. For 2024/25, Derby County — the only other club to have published accounts — reported a loss of £11 million.

Net Assets

Net assets represent the difference between total assets and total liabilities and correspond to the club’s net equity.

• Assets include fixed assets—such as player registrations, facilities, and goodwill—as well as current assets like trade debtors, transfer fees receivable, and cash.

• Liabilities comprise loans (from banks, shareholders, or group companies), transfer fees payable, trade creditors, deferred income (for example, advance season ticket sales), and other financial provisions.

Some clubs have negative equity, which technically means they do not have sufficient assets to cover their debts. However, this is often the result of shareholder loans, which are commonly later converted into equity.

In 2024/25, Norwich’s net assets returned to a positive position for the first time in three years, reaching £5 million after £58 million of loans were converted into equity.

Total assets amounted to £125 million, including £43 million for the stadium and facilities, £32 million for player assets, £32 million in transfer fees receivable, as well as cash and other short-term assets.

Total liabilities were £120 million, comprising £13 million in third-party loans, £55 million in related-party loans, £20 million in transfer fees payable, and other short-term liabilities and provisions.

Based on latest available results (2024/25 for Norwich and Derby, 2023/24 for all other clubs) only 11 of the 24 clubs reported positive net assets.

Player Trading

Norwich spent £32 million on new signings in 2024/25 — their largest outlay since relegation — bringing in Ante Crnac, Matej Jurasek, Amankwah Forson, José Córdoba, Ruairi McConville, Oscar Schwartau and Ben Chrisene.

They recouped almost the same amount, generating £31 million from the departures of Gabriel Sara to Galatasaray, and academy products Adam Idah to Celtic and Abu Kamara to Hull City.

The club’s £32 million outlay is among the highest in the division last season according to Transfermarkt, with only promoted sides Leeds and Burnley spending more. However, once player-sale income is factored in, Norwich’s net spend was effectively neutral.

This summer’s transfer window followed a similar pattern. The club spent a further £25 million on Diallo, Kovačević, Kvistgaarden, Makama, Mattsson, Medić, Schlupp and Topić, while £31.4 million is due from the sales of Hills, Núñez, Rowe and Sainz.

Football Net Debt

Football net debt represents the total amount a club owes to external parties. It includes bank loans (net of cash holdings), funding from owners, loans from related entities such as a parent company, and outstanding transfer fees payable to other clubs, minus any transfer fees the club is due to receive.

Norwich’s debt has been rising since their last Premier League season. It was initially driven by third-party borrowing, and more recently by loans from the owner. Combined, these liabilities peaked at £94 million in 2022/23. However, Attanasio has since converted £56 million of that debt into equity, reducing the overall burden. Net debt now stands at £65.8 million, after a further £34 million loan from Attanasio, £11 million of which was used to clear short-term third-party debt.

This outstanding balance is partially offset by around £12 million in net transfer fees receivable.

Debt across the Championship reached £1.4 billion in the 2023/24 season, averaging £58 million per club. Over £1.1 billion of this consists of loans from owners or owner-related companies, which, as with Norwich, are often later converted into equity. Outside of a sale process, there are very few instances of owner loans being repaid.

Among the latest published figures for Championship clubs, Norwich’s debt ranks seventh highest.

Cash Flow

Cash Flows are reported in three categories:

• Cash Flows from Operations refer to cash generated from the club’s core activities—revenue minus day-to-day costs such as salaries, rent, and utilities.

• Cash Flows from Investments include cash spent on player acquisitions and facility improvements, net of player or asset sales.

• Cash Flows from Financing cover new loans or equity raised, less repayments or buybacks. If operational cash flow cannot fund investments, the shortfall is usually met through financing.

Norwich, like most Championship clubs have consistently reported negative operating cash flows. The club has had to raise 113 million over the last five years to cover these losses plus any net investment in players and facilities.

Season 2024/25 was no different. With operating costs (staff costs and other day-to-day operating expenses) at 164% of revenue the club reported operating cash flows of negative 28 million.

Net cash flow from investments was -1 million, with 21 million spent on players, 2.3 million on assets offset by 23 million received from player sales.

This left a significant shortfall, with the gap being covered by the issues of a further £34 million loan from Attanasio, £11 million of which was used to clear short-term third-party debt.