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Page last updated at 17:27 GMT, Wednesday, 1 December 2010

David McNally unveils Norwich City Premier League plan

Norwich City chief executive David McNally
McNally was appointed chief executive in 2009

Norwich City chief executive David McNally has laid out his vision of how the club can be playing top flight football within seven years.

The details coincide with the release of City's end-of-year accounts.

"We are one year into the plan, the plan includes three years in the Championship, first year to settle down," McNally told BBC Radio Norfolk.

"We would then be promoted to the Premier League, allowing for immediate relegation and an immediate return."

He added: "From that point on we would continue to play our football in the Premier League.

"We might be fortunate enough to beat that plan."

The latest figures show the Canaries had reduced their total debt by £2m on the previous year to £20.9m.

And the club's loan payment schedule has been extended until 2022.

Revenue was down from £18.2m to £17m, predominantly because of the reduction in income as a League One club last season.

However, the board is hoping 2010/11 results will show a revenue increase of at least £5m, and that net debt will reduce by a further £1m.

The seven-year plan, finances permitting, suggests we are looking to improve the squad each [transfer] window

Norwich City chief executive David McNally

"Whatever league we're in, whether it's a higher league, lower league or our current league, we can plan with certainty," added McNally.

"Our seven-year plan though does include two years of Premier League football across three years.

"If we achieve our league status plans during that time frame, we could be debt free in seven years, if we choose to be."

Boss Paul Lambert has received financial backing from the Carrow Road board this season, with seven new players arriving in the summer and three further loan signings being made since the start of the campaign.

And McNally expects that to continue: "We've been a buying club throughout a very difficult period.

"The seven-year plan, finances permitting, suggests we are looking to improve the squad each [transfer] window.

"The summer is always the best time to develop a football squad but we are looking at the options with Paul.

"He's aware of what money we have left from our budget for this financial year. It's not millions and millions of pounds but there is some money there."

Chairman Alan Bowkett added: "The numbers show a club in transition but we are now showing positive results on an operating level for the first time since 2007.

"The long-term future is now much more secure thanks to refinancing our debts and we are forecasting increased revenue and improved profit before tax in the next financial year."

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