Chief executive David McNally has revealed Norwich almost went into administration last season before going on to win the League One title.
McNally arrived at Carrow Road last June with the club in £23million of debt.
But a business plan was put together which not only saw the Canaries through the season but enabled them to back manager Paul Lambert in his quest to take Norwich back up to the Championship at the first attempt.
McNally conceded the club had been in 'a very dark tunnel' until the new board took over and also admitted the forthcoming financial figures will not make 'pretty reading'.
Speaking at the annual meeting of the Norwich City Independent Supporters Association, McNally told the Eastern Daily Press: "Let's not forget where we were 12 months ago.
"The realism is that when the new board took control we had £23m of debt and an income plan which would not cover costs for the coming year, no way.
"We were heading for administration and we were in League One. Our £23m of debt was weighing us down and we had to think about what this great football club needed.
"We put in place a business turnaround plan. We needed to ensure we survived as a football club last autumn because it did get very close.
"Administration was a real possibility last autumn. The support Michael Foulger, Delia [Smith] and Michael Wynn Jones gave the club was sensational, in a difficult time for the business."