 Norwich City has sold land for housing in a �6m deal |
A �6m cash boost has been secured by Norwich City FC, which has sold land near Carrow Road ground for a new housing development. The club had banked on the money when it bought three new players to help realise its Premiership ambitions.
But the deal collapsed and directors had to take "a calculated gamble" to sign strikers Darren Huckerby, Mathias Svensson and Leon McKenzie.
A new �6m deal has now been signed and the money will be paid in instalments over the next two years.
Directors delighted
Norwich City FC directors are delighted with the sale, despite being liable for about �800,000 of infrastructure costs and planning obligations.
Chief executive Neil Doncaster told the club's official website: "The sale of the land is crucial to the club's finances over the next two years.
"The board took a calculated gamble signing three quality strikers in December.
"This gamble relied heavily on us concluding negotiations for the sale of the land and having a successful share offer.
"Supporters responded to these moves in a marvellous fashion and we are grateful to them."
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