Norfolk Holdings Reaches Agreement For Majority Control Of Norwich City FC

Norfolk Holdings has reached an agreement to enable majority control of Norwich City, subject to takeover panel and shareholder approval.

The club’s joint majority shareholders, Delia Smith and Michael Wynn Jones, and Mark Attanasio’s group, Norfolk Holdings, have reached an agreement which will enable Norfolk Holdings to assume majority control of the club, conditional on the grant of a Rule 9 waiver by the Takeover Panel and subsequent approval of the club’s independent shareholders.

It has been agreed that in consideration for Norfolk Holdings capitalising certain loans which have been made available to the club, totalling approximately £59m, the club will issue newly created non-voting preference shares to Norfolk Holdings.

From 1 March 2025, a number of those shares can be converted to ordinary shares in the club. In the event of that conversion taking place in full, Norfolk Holdings’ shareholding will increase to approximately 85% of the club’s ordinary share capital, with Delia and Michael holding 10% and the remainder being held by the club’s other shareholders.

Delia and Michael feel that the group are best placed to be the next custodians of the club. By structuring the agreement in this way – which involves no payment to Delia and Michael in exchange for the issuance of the preference shares that enable Norfolk Holdings to acquire majority control of Norwich City – the parties have secured the long-term financial security of the club and an effective and positive transition.

As was the case when Norfolk Holdings’ shareholding in the club was increased in October 2023, the club is required to obtain a Rule 9 waiver from the Takeover Panel in respect of the new shares to be issued to Norfolk Holdings.

All parties hope to conclude this process ahead of the club’s annual general meeting in November 2024.

If shareholder approvals are granted, Delia and Michael will step down as directors of the club and become honorary Life Presidents. Tom Smith, Zoe Webber and Mark Attanasio will remain as directors of the club, and Norfolk Holdings have now appointed Richard Ressler to the board.

Richard will bring a wealth of experience to the club, having been an integral part of Norfolk Holdings following their initial introduction to the club. If shareholder approvals are granted, Norfolk Holdings will also have the right to appoint a further director to the board.

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