Mark Attanasio’s Norfolk Holdings group have agreed a deal to take majority control of Norwich City from Delia Smith and Michael Wynn Jones.
The two parties are both currently joint majority shareholders after Norfolk Holdings’ shares increased to more than 40pc in April, but a club statement has confirmed that they could become sole majority shareholders subject to a Rule 9 waiver by the Takeover Panel and subsequent approval from the club’s independent shareholders.
It means that, if those shareholders agree to the waiver, Attanasio’s £59million-worth of loans could be converted into shares and his group would own 85pc of the club, with Smith and Wynn Jones’ shareholding decreasing to 10pc from March 1, 2025.
Either party could then trigger the agreement, meaning the couple would step down from their roles on the board after 27 years, instead becoming honorary life presidents. Attanasio, Zoe Webber and Delia’s nephew Tom Smith will remain on the board, while the American’s close associate Richard Ressler has been added to it.
The remaining 5pc of the shares will be owned by the independent shareholders, the largest of which are supporters’ group the Canaries Trust.
It’s hoped the vote on the waiver, which will take place at an extraordinary general meeting, will be completed before the Canaries’ annual general meeting in November, just over two years after Attanasio officially became involved by purchasing Michael Foulger’s shares.
The statement said: “Delia and Michael have always been clear that they would act in the best interests of the club when passing on stewardship of it.
“In selecting Norfolk Holdings following their introduction to the club in 2022, and further strengthening of the relationship and alignment of interests since, 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.”
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