The "harsh cost of relegation at Carrow Road" was laid bare as a hit of £18.6M in broadcasting money and "falling parachute payments" gave League Championship side Norwich City a loss of £2.7M in its latest accounts, according to Dominic Gilbert of the EASTERN DAILY PRESS. It is a financial hit "largely driven by a season of Championship football, but worsened by severance payouts" totaling more than £4M, split between outgoing CEO Jez Moxey, former Manager Alex Nei and some of his coaching staff. Income for the club is down by almost £25M year on year, from £100.6M in '15-16 to £75.9M in the last financial year. The loss has taken Norwich City from a profit of £9.4M in '15-16 to a loss of £2.7M for the year ending on June 30. Club Chair Ed Balls said, "The reality is that the financial gap between the Premier League and Championship has widened. The accounts show how hard it is to be relegated. Even though we tried a plan to ensure player wages came down too, it wasn't enough to fill the gap." Football in the second tier of English football "also affected gate receipts and sponsorship." League-wide ticket sales fell from more than £11.5M in '16 to £9.2M in '16-17, "with away fan attendance and ticket prices dropping from the rich territory of the Premier League" (EASTERN DAILY PRESS, 11/1).
