Norwich City's latest accounts reveal a £13.3 million operating loss despite almost £46 million in profits from player trading.
Norwich City Football Club has reported an operating loss of £13.3 million in its latest annual accounts, despite generating substantial income from the sale of players.
The financial report, covering the year ending 30 June 2026, reveals that the club's operating costs increased significantly to £99.8 million, compared with £79.2 million the previous year.
Before taking player trading into account, Norwich recorded an operating loss of £42.3 million, up from £25.5 million in 2025.
However, profits of £45.9 million from player trading helped reduce the reported operating deficit to £13.3 million.
The sales of players including Josh Sargent, Borja Sainz and Jonathan Rowe contributed to the substantial trading income.
Staff costs also increased from £48.1 million to £57.9 million, reflecting higher spending on wages and football operations.
The club says the increase in expenditure reflects continued investment in strengthening its playing squad and developing football operations.
Despite the financial pressures, Norwich reported encouraging commercial figures.
Average attendances at Carrow Road reached 25,899, with more than 20,000 season tickets sold.
Retail income increased to £2.4 million, while replica shirt sales rose by 8.6 per cent.
The club says player trading remains an important part of its financial model, helping offset operating losses while supporting continued investment in the squad and long-term development.

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