'Majority control' of Norwich City to go to Norfolk Holdings as Delia Smith to step down as Director
Delia Smith's been a joint majority owner of the canaries since 1996.
Last updated 12th Aug 2024
An agreement's been reached by Norwich City's joint majority shareholders, which will enable Norfolk Holdings to assume majority control of the club - subject to takeover panel and shareholder approval.
If granted, Delia Smith and Michael Wynn Jones will step down as directors of the club and become honorary Life Presidents.
The 83 year-old's been a joint majority owner of the canaries since 1996.
Norfolk Holdings have now appointed Richard Ressler to the board. The club say he'll bring with him a wealth of experience.
In a statement, the club said:
"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, certain 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 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.
"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. Any approval of the Takeover Panel will be subject to approval for the Rule 9 Waiver from the club’s independent shareholders at an extraordinary general meeting, along with other approvals of the club’s shareholders. All parties hope to conclude this process ahead of the club’s annual general meeting in November 2024.
"Tom Smith, Zoe Webber and Mark Attanasio will remain as directors of the club."