Norwich City Football Club is all set to experience a significant shift in its ownership structure as the current majority shareholders Delia Smith and Michael Wynn Jones may soon lose their controlling stake.
The American millionaire Mark Attanasio, who has already bought his way onto the club’s board, is poised to attain parity with Smith and Wynn Jones’ 40% stake through his Norfolk group.
Attanasio has already received approval to buy long-serving director Michael Foulger’s 15.9% stake, adding to his already active role in the day-to-day running of the club.
The Championship club has announced that a shareholder meeting will be held at Carrow Road on 2 October to ratify the deal.
The Attanasio-led Norfolk group will acquire 195,012 shares, which will draw them level with the current majority shareholders.
The Canaries anticipate the meeting to be brief and have promised to make a further announcement once it has taken place.
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The UK regulatory body, the Takeover Panel, has agreed to waive a rule obliging the Norfolk group to make a mandatory offer to the holders of the remaining 20% of shares in the club, which include the Canaries Trust supporters’ group.
Attanasio, who also owns the Milwaukee Brewers Major League Baseball franchise, is excited about his involvement with the club and the city, describing them as “intoxicating.”
Smith and Wynn Jones have been part of Norwich’s board since November 1996, during which time the club has been promoted to the Premier League five times, with their longest spell in the top flight lasting three seasons.
It is evident that a succession plan is on their minds, and with Attanasio’s arrival described as “a breath of fresh air,” this feels like the potential end of an era at Carrow Road.
He attended his first Canaries’ away game recently when he saw the team draw 4-4 with Southampton, accompanied by his son Mike.
All eyes will be on the shareholder meeting on 2 October, as the potential change in ownership structure at Norwich City Football Club could have a significant impact on the future of the club.
