CITY held their annual general meeting at Carrow Road this evening with around 500 shareholders attending.

As well as verifying the annual accounts for the year ended May 31, 2009, Chairman Alan Bowkett and Chief Executive David McNally presented to the meeting a breakdown of the Club's financial history over the last six years and the current economic position.

Warm applause greeted Bowkett, McNally and City boss Paul Lambert who was also in attendance, as they took questions from the floor and discussed a variety of subjects including the potential for increasing stadium capacity in the long-term, debt and asset management and wage bills.

Speaking after the AGM Chief Executive David McNally said: "This was a really constructive meeting I thought, the feedback from shareholders has been very positive. Clearly the financial challenges that we're having to face up to are real, they are there but at least they are transparent and out in the open - especially the Chairman's piece when he shared with shareholders where the money has all gone over the last six years was very informative so we've had some good feedback."

With the Club announcing debts of £22.9M last month, McNally was asked how the Club was approaching the task of reducing this figure: "We have appointed professional advisors Deloitte and we are working very closely with them to see what the options are to the Club.

"Absolutely we do need some new investment coming into the Club, whether it's partial or complete or some kind of bond issue or share issue and there are a myriad of other ways of bringing in investment into the Football Club. Deloitte have been charged with coming up with a variety of options and as a Board we'll debate those and decide on which route we need to follow."

In the meeting McNally emphasised the Club was also continuing to examine ways to cut costs: "If we have any loss-making activity then we have to do something about it. We either stop what we are doing or we look at ways to improve it."

He added: "My job as Chief Executive is very clear to everybody in terms of what I have to do. This is about supporting Paul Lambert and his team, to give him every chance of making his team successful - that's what it is about. The only other key task that I have as Chief Executive is to ensure we are serving our supporters correctly. Support the first team and serve the supporters."