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Lengthy chat with #NCFC exec committee Ben Kensell, Zoe Ward and Stuart Webber yesterday, mapping out the financial realities they are preparing for due to the coronavirus shutdown. https://www.pinkun.com/norwich-city/deferrals-not-yet-being-considered-by-city-1-6623665
Headline figure is preparing for a loss in revenue of between £18m and £35m, which is based on £9m lost from home games being behind closed doors and rebates to broadcasters of between £10m and £25m. https://www.pinkun.com/norwich-city/potentially-huge-loss-forces-canaries-to-play-safe-1-6623679
No sign of panic though, as #NCFC went into this crisis in a steady financial position (had been forecast to make £16m profit for 2019-20), have already found £2.5m in savings and agreed to defer tax of around £18m for a year.
Essentially we were given the same presentation on the club’s overall situation as players and staff were earlier this week, loads more really interesting news from #NCFC’s senior staff on the way today and following days.
But of course this is all set against lots of uncertainty and complexity as #NCFC don’t even know when the players will be able to return to training, let alone when or if the #EPL season can be completed.
All of which lays out why #NCFC, as a club without wealthy benefactors, has used the government’s Coronavirus Job Retention Scheme to cover 80% of wages for 200 non-playing staff (some casual, such as stewards) on furlough. More to come on that shortly.
As we already knew, #NCFC paying the remaining 20% to ensure those staff fully paid and the players and senior staff have set up the £200k fund to help the community, with squad also signed up to Players Together major fund-raising scheme for the NHS.
Which brings me back to that first link, with Webber saying that player wage deferrals are not on the table - yet.
Clearly #NCFC and all clubs don’t yet know the full impact the pandemic will have on the game and City also have threat of relegation from #EPL hanging over them.
Clearly #NCFC and all clubs don’t yet know the full impact the pandemic will have on the game and City also have threat of relegation from #EPL hanging over them.
Next up, strong defence of #NCFC use of government’s Coronavirus Retention Scheme, as potential loss as high as £35m is prepared for.
As reported this morning (see link in thread) player wage deferrals not being considered yet, but could be needed. https://www.edp24.co.uk/sport/norwich-city/webber-defends-city-s-use-of-furlough-scheme-1-6623711
As reported this morning (see link in thread) player wage deferrals not being considered yet, but could be needed. https://www.edp24.co.uk/sport/norwich-city/webber-defends-city-s-use-of-furlough-scheme-1-6623711
Strong words as usual from Webber, inc: “What we won’t do is we won’t change just for a little public perception or just to be seen for doing that. We stick to our beliefs, we think we’ve done it for the right reasons for our business.” #NCFC
Next up, the #NCFC contract situation amid the shutdown.
Stuart Webber not yet sure if Duda’s loan will continue or the situation of City players out on loan, awaiting guidance from football’s authorities. https://www.edp24.co.uk/sport/norwich-city/canaries-unsure-if-duda-can-complete-loan-1-6623721
Stuart Webber not yet sure if Duda’s loan will continue or the situation of City players out on loan, awaiting guidance from football’s authorities. https://www.edp24.co.uk/sport/norwich-city/canaries-unsure-if-duda-can-complete-loan-1-6623721
The next chapter of our extensive chat with the #NCFC board, how the players are feeling about the potential for a restart and the health questions which must be answered. https://www.edp24.co.uk/sport/norwich-city/city-chief-prioritises-players-health-1-6623934
And lastly from me, for now, here's Stuart Webber on the transfer market amid the #EPL suspension.
Still hopeful of not having to sell but realistic about that prospect, while hoping the #NCFC finances will still be stable enough to maintain values. https://www.pinkun.com/norwich-city/canaries-still-hope-to-avoid-transfer-panic-1-6623940
Still hopeful of not having to sell but realistic about that prospect, while hoping the #NCFC finances will still be stable enough to maintain values. https://www.pinkun.com/norwich-city/canaries-still-hope-to-avoid-transfer-panic-1-6623940
As with the vast majority of this thread, the uncertainty is bigger for #NCFC due to having the R word hanging over their heads, which means their planning for these uncertain times is made even more difficult.
Webber: “Of course we’re all realistic that the bigger the losses are, we’ve got to find ways of mitigating those losses.
"Whether anyone likes it or not, one way that can be achieved is player sales." #NCFC
"Whether anyone likes it or not, one way that can be achieved is player sales." #NCFC
