Former Norwich City CEO McNally got £1.4m - for resigning

Norwich City chairman Ed Balls (right) with former chief executive David McNally. Credit: PA images.

Norwich City Football Club has revealed it paid former chief executive David McNally £1.4m after he resigned earlier this year.

Today, the Canaries released details of their annual accounts - including an operating profit of £14.2m.

The figures reveal the stark difference in revenue between teams in the Premier League and the Championship.

The club's income for the 2015/16 season, in the Premier League, was almost double that of the season before, at £100.6m compared with £53.6m.

Broadcasting revenue alone accounted for £41.6m of that.

Norwich City chairman Ed Balls. Credit: PA images.

Norwich City were relegated for the second time in three years at the end of last season, which will undoubtedly hit its finances again this year.

That won't be helped by the £1.4m paid to former chief executive David McNally after he resigned in May, just a couple of weeks before the end of the season and confirmation that the club would return to the second tier of the football league. The payout was "compensation for loss of office".

But the Canaries believe they have taken action over the last 12 months to ensure the club is in a stronger position - both financially and in terms of the strength of its squad.

The club is now free of debt - having paid off £2m in loans from its directors Delia Smith, Michael Wynn-Jones and Michael Foulger. That included a loan from Mr Foulger which enabled the club to buy former fan-favourite Grant Holt.