Norwich City helped generate over £11m in revenue for local businesses, report finds
By: Communications
A new report published by Norwich City Football Club in collaboration with the University of East Anglia reveals its socio-economic impact on the region for the 2022/23 season.
The report, published in partnership with football finance specialists Aldermore, is designed to better understand and measure the club’s socio-economic impact on Norfolk and the wider community, beyond traditional financial statements.
It not only celebrates the social impact, but also provides an in-depth analysis of the club’s socio-economic impact. This includes everything from the increased spending on a home matchday, to the extra jobs created when the club hosts external events at Carrow Road.
Together with Aldermore, and with oversight from Dr Peter Dawson from UEA’s School of Economics, the club have studied data and spoken with local businesses to understand how the club positively impacts local people and communities.
Headlines from the first iteration of the report include:
• £88.7m gross value added, calculated as direct, indirect and induced effects of the club’s existence.
• £11.4m generated in revenue for local businesses in Norwich and wider Norfolk areas.
• By fully utilising the stadium as a resource for the community to come together, the club has been able to create 886 casual jobs for local people at these non-football events.
• In total, 265 suppliers from the wider Norfolk area provided goods and services to the club generating over £11.4m in revenue for local businesses.
• £227k was paid in apprentice levy tax which goes towards funding training for employees in the UK, £144k of the apprenticeship levy contribution was used by the club to train 45 employees, giving them valuable skills.
Anthony Richens, Finance and Operations Director at Norwich City, said: “We’ve worked with Aldermore for some time now and they were crucial in helping us navigate the COVID-19 pandemic.
“After that period, they stepped forward and asked if we would be interested in helping pull together a report that detailed the importance of our football club for the community. The idea of the report is to show that money going into football clubs doesn’t just pay the players wages, but that it has a much wider impact, particularly on local communities and businesses.”
Dr Dawson, Associate Professor in Economics, said: “The findings of this report confirm that Norwich City stimulates local and regional income and supports numerous jobs, underscoring the club’s vital economic role to Norwich and the wider Norfolk region.”
L-R: Dr Peter Dawson, University of East Anglia, and James Bemment, Head of Strategy at Norwich City. Photo credit: NCFC.
Steven Cooper, CEO of Aldermore, said: “At Aldermore, we're committed to creating financial opportunities which help people and businesses to thrive. Our partnership with Norwich City Football Club has not only supported the club's ambitions but also brought tangible benefits to the local area.
“We're delighted to see how our funding has not only helped create jobs for the residents of Norwich and the wider Norfolk area, but also driven revenue for businesses across the region. This collaboration exemplifies how Aldermore can work together with football clubs to foster economic growth and community development.”
READ NOW: Norwich City’s Socio-Economic Impact Report for season 2022/23 in full.
Related Articles
Data protection laws reduced breaches but affected firms’ value
The introduction of new data protection rules significantly reduced breaches by firms but negatively impacted their market value, according to new research by the University of East Anglia and University of Texas.
Read more
Tax on antibiotics could help tackle threat of drug resistance
Taxing certain antibiotics could help efforts to tackle the escalating threat of antibiotic resistance in humans, according to a new study by the University of East Anglia’s Centre for Competition Policy, Loughborough University and E.CA Economics.
Read more
New regulations needed to limit impact of favouritism on country credit ratings
Professional connections between government ministers and top executives at credit ratings companies can influence the financial ratings for those countries, according to new research.
Read more