| norwich debt 22:49 - Nov 9 with 5128 views | TexacoCup |
the edp says norwich are 96 million in debt, how on earth did they get into such a mess? |  | | |  |
| norwich debt on 23:02 - Nov 9 with 4127 views | Stewart27 |
Because they play in yellow and their fans are inbred. |  | | |
| norwich debt on 23:49 - Nov 9 with 4048 views | NthQldITFC |
| norwich debt on 23:02 - Nov 9 by Stewart27 |
Because they play in yellow and their fans are inbred. |
Don't be so childish, ffs. Why not give a sensible and respectful answer about Norwich for once?
Norwich City Football Club were formed in 1902 by Mr Cletus Clampett, Vice President of the Norfolk and Norwich Turnip Growers Association. He got together with a diverse group of local businessmen, all members of his extended family, who decreed that the muddy patch in the bend of the River Wensum* which had proved over a long period of time (and continues to prove) to be a fruitless patch of ground, should be turned over to the practice of Association Football and occasional sheep bothering events.
Cletus' brother Jed, who was later to become Cletus' son-in-law and great Uncle, owned a factory which manufactured all kinds of household products, one of which was a clay-based silver polish called Clampett's Clay Clean 'n Gleam. In the time-honoured manner of Norfolkians everywhere, the football club board decided to 'keep it in the family' and place a standing order for a dozen jars a year in perpetuity in order to polish the anticipated steady flow of silverware which the club would undoubtedly win.
As a tax dodge, Cletus and Jed agreed that Jed would charge the club an extortionate amount for the polish such that the club could use an accountancy trick which would hopefully avoid the need for them to burn down any stands in the future. In order to get their money back on the quiet, the glass jars could be returned by the club for a refund in much the way that Lemonade bottles used to be returned.
Unfortunately there ensued a family feud, believed to have started when Jed thoughtlessly presented Cletus with a Christmas present of some lovely leather gloves with only FIVE fingers! Things took a turn for the worse from there and the brothers never spoke again. The polish supply contract was watertight, and Jed (and the inheritors of his company) have ever since insisted on the club honouring said contract. Unfortunately for Norwich, as they have famously never won fluck all, they still have well over 1,400 unused jars of silver polish and haven't been able to get any money back on the empties!
* The name of the river is believed to be a contraction of the phrase 'Wins, err... never' in the local dialect. |  |
| # WE ARE STEALING THE FUTURE FROM OUR CHILDREN --- WE MUST CHANGE COURSE # | | Poll: | It's driving me nuts |
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| norwich debt on 23:51 - Nov 9 with 3994 views | FrimleyBlue |
| norwich debt on 23:49 - Nov 9 by NthQldITFC |
Don't be so childish, ffs. Why not give a sensible and respectful answer about Norwich for once?
Norwich City Football Club were formed in 1902 by Mr Cletus Clampett, Vice President of the Norfolk and Norwich Turnip Growers Association. He got together with a diverse group of local businessmen, all members of his extended family, who decreed that the muddy patch in the bend of the River Wensum* which had proved over a long period of time (and continues to prove) to be a fruitless patch of ground, should be turned over to the practice of Association Football and occasional sheep bothering events.
Cletus' brother Jed, who was later to become Cletus' son-in-law and great Uncle, owned a factory which manufactured all kinds of household products, one of which was a clay-based silver polish called Clampett's Clay Clean 'n Gleam. In the time-honoured manner of Norfolkians everywhere, the football club board decided to 'keep it in the family' and place a standing order for a dozen jars a year in perpetuity in order to polish the anticipated steady flow of silverware which the club would undoubtedly win.
As a tax dodge, Cletus and Jed agreed that Jed would charge the club an extortionate amount for the polish such that the club could use an accountancy trick which would hopefully avoid the need for them to burn down any stands in the future. In order to get their money back on the quiet, the glass jars could be returned by the club for a refund in much the way that Lemonade bottles used to be returned.
Unfortunately there ensued a family feud, believed to have started when Jed thoughtlessly presented Cletus with a Christmas present of some lovely leather gloves with only FIVE fingers! Things took a turn for the worse from there and the brothers never spoke again. The polish supply contract was watertight, and Jed (and the inheritors of his company) have ever since insisted on the club honouring said contract. Unfortunately for Norwich, as they have famously never won fluck all, they still have well over 1,400 unused jars of silver polish and haven't been able to get any money back on the empties!
* The name of the river is believed to be a contraction of the phrase 'Wins, err... never' in the local dialect. |
Were they blue Marcus Stewart gloves? [Post edited 9 Nov 2023 23:51]
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| norwich debt on 00:01 - Nov 10 with 3991 views | CrayonKing |
Regardless of rivalries etc it should be a cautionary tale that any club should be able to get itself in to such a mess, especially one with parachute payments.
I genuinely hope they're able to sort themselves out and provide us with *some* sort of rivalry over the next few years! |  | | |
| norwich debt on 00:45 - Nov 10 with 3920 views | DinnernotTea |
| norwich debt on 00:01 - Nov 10 by CrayonKing |
Regardless of rivalries etc it should be a cautionary tale that any club should be able to get itself in to such a mess, especially one with parachute payments.
I genuinely hope they're able to sort themselves out and provide us with *some* sort of rivalry over the next few years! |
Absolutely fuking not. I want them to end up at Ipswich Wanderers level then still go down. | |
| Beware of The Ipswich Cabbages
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| norwich debt on 01:18 - Nov 10 with 3863 views | wkj |
Eventually a yo-yo club needs to get a foothold in the premier league or the parachute money turns into a death spiral of covering one's asses whilst the sellable asset value of the squad diminishes.
Im no Norwich sympathiser, but £96m of debt is surely made up in significant part by the 'hidden costs of promotion'. The parachute payment system is bust and all too often you see clubs get in deep crap if they don't bounce back. Pair that with the fact that many clubs that get promoted amass debt while chasing promotion (if im not mistaken, Nottingham Forest were very precarious when they got promoted)
What is the solution? Well, I have no idea. The economics of football costs are so disproportionate to the economics of football consumers that debt is going to fall on the laps someone at some point - and usually its the clubs that is the bottom rung of the ladder when that deficit begins to settle.
As much as I am true blue in the East Anglian derby, it leaves a bad taste in my mouth when fans get screwed due to poor economics, and I hope more fans and supporters trusts challenge their clubs when they see financial cracks forming as it is ultimately them who will lose out in the long run if their team financially capsizes. |  |
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| norwich debt on 01:23 - Nov 10 with 3845 views | Illinoisblue |
Chased the dragon and got a smack on the nose |  |
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| norwich debt on 02:57 - Nov 10 with 3769 views | quirkie |
They are going to go the same way as Reading aren't they, shame. |  |
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| norwich debt on 04:04 - Nov 10 with 3723 views | DarkBrandon |
As far as I can tell, about half the debt is secured of guaranteed income … parachute payments and transfer fees installments that are due, and half is internal debt, like we had with Marcus Evans.
They are in some difficulty on the pitch, but the financial position seems manageable and the headline debt figure somewhat misleading. |  | | |
| norwich debt on 08:15 - Nov 10 with 3307 views | ElephantintheRoom |
For the same reason Town were £100 million in debt under Evans despite being a poor third division club - unsustainable player wages.
Brighton are frequently lauded as a mythical ‘well run club’ but they manage to lose in excess of £75 million each year and are one of the most indebted clubs in the world.
Town are currently following a similar path spending 2x their income | |
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| norwich debt on 08:44 - Nov 10 with 3182 views | MK1 |
| norwich debt on 23:49 - Nov 9 by NthQldITFC |
Don't be so childish, ffs. Why not give a sensible and respectful answer about Norwich for once?
Norwich City Football Club were formed in 1902 by Mr Cletus Clampett, Vice President of the Norfolk and Norwich Turnip Growers Association. He got together with a diverse group of local businessmen, all members of his extended family, who decreed that the muddy patch in the bend of the River Wensum* which had proved over a long period of time (and continues to prove) to be a fruitless patch of ground, should be turned over to the practice of Association Football and occasional sheep bothering events.
Cletus' brother Jed, who was later to become Cletus' son-in-law and great Uncle, owned a factory which manufactured all kinds of household products, one of which was a clay-based silver polish called Clampett's Clay Clean 'n Gleam. In the time-honoured manner of Norfolkians everywhere, the football club board decided to 'keep it in the family' and place a standing order for a dozen jars a year in perpetuity in order to polish the anticipated steady flow of silverware which the club would undoubtedly win.
As a tax dodge, Cletus and Jed agreed that Jed would charge the club an extortionate amount for the polish such that the club could use an accountancy trick which would hopefully avoid the need for them to burn down any stands in the future. In order to get their money back on the quiet, the glass jars could be returned by the club for a refund in much the way that Lemonade bottles used to be returned.
Unfortunately there ensued a family feud, believed to have started when Jed thoughtlessly presented Cletus with a Christmas present of some lovely leather gloves with only FIVE fingers! Things took a turn for the worse from there and the brothers never spoke again. The polish supply contract was watertight, and Jed (and the inheritors of his company) have ever since insisted on the club honouring said contract. Unfortunately for Norwich, as they have famously never won fluck all, they still have well over 1,400 unused jars of silver polish and haven't been able to get any money back on the empties!
* The name of the river is believed to be a contraction of the phrase 'Wins, err... never' in the local dialect. |
That, is a fine piece of work Sir. |  | | |
| norwich debt on 09:12 - Nov 10 with 3050 views | Swansea_Blue |
The same way that we did, probably |  |
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| norwich debt on 09:32 - Nov 10 with 2970 views | brazil1982 |
Ridiculous player wages and agent fees. It has to come a time when clubs say "No, you're asking too much" and cancel talks. | | | |
| norwich debt on 09:35 - Nov 10 with 2952 views | OldFart71 |
If true the main reason I want Town prepared for the Premier League, which currently they are not. Yes, we have a superb manager, a decent sized ground that's been updated. But as was shown against Palace we are some way short of being good enough although I appreciate it was basically our second eleven. But then it was also Palace's second eleven as well. Not that I don't want them promoted anytime soon and the situation in the Burley years doesn't exist as we now have a much better backup in the form of Gamechanger. A better management team who would make better decisions on player purchasing. Currently I feel we would need at least half a dozen players to come in to make us Premier League ready with around the same amount departing. | | | |
| norwich debt on 09:40 - Nov 10 with 2908 views | ElderGrizzly |
| norwich debt on 01:18 - Nov 10 by wkj |
Eventually a yo-yo club needs to get a foothold in the premier league or the parachute money turns into a death spiral of covering one's asses whilst the sellable asset value of the squad diminishes.
Im no Norwich sympathiser, but £96m of debt is surely made up in significant part by the 'hidden costs of promotion'. The parachute payment system is bust and all too often you see clubs get in deep crap if they don't bounce back. Pair that with the fact that many clubs that get promoted amass debt while chasing promotion (if im not mistaken, Nottingham Forest were very precarious when they got promoted)
What is the solution? Well, I have no idea. The economics of football costs are so disproportionate to the economics of football consumers that debt is going to fall on the laps someone at some point - and usually its the clubs that is the bottom rung of the ladder when that deficit begins to settle.
As much as I am true blue in the East Anglian derby, it leaves a bad taste in my mouth when fans get screwed due to poor economics, and I hope more fans and supporters trusts challenge their clubs when they see financial cracks forming as it is ultimately them who will lose out in the long run if their team financially capsizes. |
Sunderland lost £200m in their latest PL stay.
The PL can ruin clubs quite easily... |  | | |
| norwich debt on 09:41 - Nov 10 with 2902 views | geg1992 |
56 Million wage bill makes ours look tiny. |  |
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| norwich debt on 09:44 - Nov 10 with 2876 views | NthQldITFC |
| norwich debt on 09:41 - Nov 10 by geg1992 |
56 Million wage bill makes ours look tiny. |
It is a little cold this morning, and I have been out on my bike. | |
| # WE ARE STEALING THE FUTURE FROM OUR CHILDREN --- WE MUST CHANGE COURSE # | | Poll: | It's driving me nuts |
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| norwich debt on 09:49 - Nov 10 with 2854 views | ChampionsofInnsbruck |
What was out debt at it's peak 90-100million? and that was after about 20 years, and two relegations (including the Covid period). I appreciate that was owed to Marcus Evans Group in the end, so not quite the same, but Norwich have achieved that level in just two years. They mocked us for our frankly tiny 20mil post relegation debt and administration back in 2003, and look at the state they are now in, a further relegation could send them back to the stone age.
Remember when people said how well run the yo-yo champions were... who do they even have to sell to recover it? |  | | |
| norwich debt on 09:53 - Nov 10 with 2816 views | Buhrer |
| norwich debt on 01:23 - Nov 10 by Illinoisblue |
Chased the dragon and got a smack on the nose |
And I'd naively thought it was a booze problem
 |  | | |
| norwich debt on 09:54 - Nov 10 with 2812 views | PhilTWTD |
| norwich debt on 08:15 - Nov 10 by ElephantintheRoom |
For the same reason Town were £100 million in debt under Evans despite being a poor third division club - unsustainable player wages.
Brighton are frequently lauded as a mythical ‘well run club’ but they manage to lose in excess of £75 million each year and are one of the most indebted clubs in the world.
Town are currently following a similar path spending 2x their income |
Except the shortfall here isn't borrowed money but funds injected by the pension fund. |  | | |
| norwich debt on 10:14 - Nov 10 with 2729 views | Blueschev |
| norwich debt on 01:18 - Nov 10 by wkj |
Eventually a yo-yo club needs to get a foothold in the premier league or the parachute money turns into a death spiral of covering one's asses whilst the sellable asset value of the squad diminishes.
Im no Norwich sympathiser, but £96m of debt is surely made up in significant part by the 'hidden costs of promotion'. The parachute payment system is bust and all too often you see clubs get in deep crap if they don't bounce back. Pair that with the fact that many clubs that get promoted amass debt while chasing promotion (if im not mistaken, Nottingham Forest were very precarious when they got promoted)
What is the solution? Well, I have no idea. The economics of football costs are so disproportionate to the economics of football consumers that debt is going to fall on the laps someone at some point - and usually its the clubs that is the bottom rung of the ladder when that deficit begins to settle.
As much as I am true blue in the East Anglian derby, it leaves a bad taste in my mouth when fans get screwed due to poor economics, and I hope more fans and supporters trusts challenge their clubs when they see financial cracks forming as it is ultimately them who will lose out in the long run if their team financially capsizes. |
Not sure that this is doable, but I would suggest scrapping parachute payments completely and introducing mandatory relegation clauses in every Premier League contract. Then your wage bill would become more sustainable in the event of relegation without giving you an unfair advantage over everyone else in the Championship. |  | | |
| norwich debt on 10:26 - Nov 10 with 2703 views | le2blue |
| norwich debt on 09:54 - Nov 10 by PhilTWTD |
Except the shortfall here isn't borrowed money but funds injected by the pension fund. |
I think at the Norwich game we should have a ceremonial injecting of the pension funds by Mark Ashton, he could have a giant syringe which is then pushed into the pitch with the star-spangled banner playing over the tannoy. Fireworks and everything. |  | | |
| norwich debt on 10:37 - Nov 10 with 2649 views | dickie |
| norwich debt on 10:14 - Nov 10 by Blueschev |
Not sure that this is doable, but I would suggest scrapping parachute payments completely and introducing mandatory relegation clauses in every Premier League contract. Then your wage bill would become more sustainable in the event of relegation without giving you an unfair advantage over everyone else in the Championship. |
This has seemed so obvious for so long | | | |
| norwich debt on 11:03 - Nov 10 with 2566 views | wkj |
| norwich debt on 10:14 - Nov 10 by Blueschev |
Not sure that this is doable, but I would suggest scrapping parachute payments completely and introducing mandatory relegation clauses in every Premier League contract. Then your wage bill would become more sustainable in the event of relegation without giving you an unfair advantage over everyone else in the Championship. |
I did once think that a kind of relegation insurance might be the way forward. Instead of giving relegated teams money, the PL will directly pay the player a proportion of their wages if the team goes down. However, then a method of assessing what a reasonable contract is - and the PL will never show any kind of restraint like that I wouldn't imagine. | |
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| norwich debt on 11:43 - Nov 10 with 2461 views | ElephantintheRoom |
| norwich debt on 09:54 - Nov 10 by PhilTWTD |
Except the shortfall here isn't borrowed money but funds injected by the pension fund. |
So? That’s an even worse situation to be in as the pension fund are looking for a return on their ‘investment’. IF the carpetbaggers manage to sell the club in the near future for a profit it will still be by running it in a totally unsustainable manner - and Ashton, O’Leary and the Americans will be gone counting their dosh. | |
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