Chairman eases Norwich fears

Chairman insists club are not set for administration

Last updated: 3rd September 2008   Subscribe to RSS Feed

Chairman eases Norwich fears

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Norwich City chairman Roger Munby has reassured supporters there is no danger of the club going into administration.

On Tuesday it was announced that Andrew and Sharon Turner had resigned as board directors.

The revelation had sparked reports that the club could now be in financial jeopardy, but Munby has insisted this is not the case.

He said on the club's official website: "Some people have suggested that the club might be close to administration, which is just not the case.

No disasters

"It's great having the chance to reassure fans that we are miles away from any prospect like that, it would have to be a series of on-going disasters to get us anywhere near that.

"It (the resignations) means three things. One, they were due to put a further £1.5million into the club's finances this year and we won't get that.

"Secondly, they already have put £2.5million in since May 2007, when they arrived. That is not to be repaid anytime soon and it carries no interest and we're immensely grateful for that.

"Thirdly, they have conducted and led, as fresh executive minds can do, a root and branch evaluation of the club's revenues and costs. We have a revolutionary prescription."