Canaries steady finances as they wait for Premier League cash to roll in
21 May 2019
New Barclays bank facility increases cashflow ahead of first tranche of EPL revenues. Norwich CFO explains why the club set up the loan facility.
After promotion, Norwich has to settle liabilities to other clubs and pay players’ bonuses and increased wages.
Club will “spend within our limits” in summer transfer window.
Norwich City have set up a Barclays bank loan facility to smooth cashflow in a bid to counter the “sporadic amounts” of Premier League income due next season.
A filing at Companies House last week shows City chiefs have secured the banking facility against Premier League broadcast revenues due from the 2018/19 season and for 2019/20.
The club has taken out a facility to ensure a sustainable and effective working capital cashflow