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Norwich City sell car parks to cut club debt

Norwich City Football Club has sold part of its land next to Carrow Road as it aims to reduce a £23m debt.

The Npower Championship club did not disclose the fee with Broadland Housing Association but described it as ‘substantial’ although none of the funds will go into the club’s football budget.

The part of land sold includes the current car park although the club insisted this will not affect users until the 2012-13 season and that they actively working on a solution.

Norwich chairman Alan Bowkett commented: “The cash raised from the sale of the land will help us to reduce the club's concerning debt levels and the price achieved in a difficult market is very satisfactory.

“Over the past year we have worked constructively and positively with our main lenders, Lloyds Bank Group and AXA, to restructure and reduce the burden of the club's debt and the repayment of this latest sum underlines the club's on-going commitment in this regard.

“With the club more than £23million in debt before this payment and working very hard and successfully to manage and reduce annual losses, it is imperative to demonstrate we are serious about balancing the books.

“In a climate when football clubs of all shapes and sizes up and down the country are experiencing financial problems which threaten their very existence, we are determined this will not happen to Norwich City.”

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