New Norwich Chairman - Ed Balls says Premier League status is priority
Speaking at his first news conference as Canaries chairman, the former Labour MP said he wants to help in the "transformation" of the club.
"We've always been an up-and-down club," said Balls, a lifelong Norwich supporter. "That's work which we still need to do."
Balls lost his Morley & Outwood seat in May's General Election.
Norwich were 17th in the Premier League - above the relegation zone only on goal difference, before Monday's game with fellow strugglers Aston Villa.
Balls' role at Carrow Road will be unpaid. He replaces former chairman Alan Bowkett, who stepped down last month.
He said Norwich is a "brilliantly well-run community club", but must "secure ourselves commercially and financially".
Chief executive David McNally said the immediate aim was to improve manager Alex Neil's squad in the January transfer window.
He added: "We've got arguably the best squad in our history so we need to bring in players who can improve upon the existing roster, and that's hard. That's the challenge."