Foreign Tycoon investment ?

There’s an additional distinction - between ownership and control. With shares, being named “preference” ones doesn’t really alter the fact that each preference share is a part ownership of the company, but they may not give as much control - eg if they don’t carry the same voting rights. They might have special voting rights (eg allowed to block certain things even as a minority).

So the options are very wide and I don’t believe we have any of that level of detail (and frankly it doesn’t really matter too much unless there is some controversial board decision where there are disagreements). However, I agree that it doesn’t look on the face of it like these preference shares will make all that much difference to ownership, still less control.

 

The latest update on the new investment which suggests that the "purchase of these 'C-preference' shares could mean a potential £10million injection into the club".

https://www.edp24.co.uk/sport/norwi...nasio-investment-shareholder-zoe-ward-9251082

 

EDP explanation of the four issues involved in tonight's shareholders meeting:

https://www.edp24.co.uk/sport/norwi...sio-investment-shareholders-explainer-9267296

 

All Resolutions passed:
https://www.pinkun.com/sport/norwic...io-milwaukee-brewers-egm-shareholders-9268964

 

Are you still hoping Norwich don't get promoted this season ?

 

Michael Bailey has an excellent piece in today's edition of The Athletic regarding Attanasio's involvement, and there is a useful bullet-point summary by King Canary on the corresponding thread on the Pink'Un forum.
This is how Bailey's piece concludes:

"Norwich’s Championship quest and desire for a Premier League return may feel familiar, but the club’s landscape has changed significantly.
Promotion is worth 10 times the amount Attanasio has loaned Norwich, yet his involvement has the potential to alter the club far more than recent top-flight riches. The door to an intriguing period has opened. A different Norwich City awaits on the other side."

 

All very well Robbie, but we have to pass through this door in a healthy state and hopefully fairly soon.

 

It wouldn't hurt to get a different approach to footballing life from the Baseball franchise American.

It may well end up to be a too many cooks situation, at this stage we simply don't know.

Realistically it will take a billionaire oil baron to inject a few hundred million in to guarantee Premier League football like most of the best Premier league sides .

Regardless of how Norwich perform on the pitch Mr Attanasio will be getting his money back with a modest return .

If we benefit from his involvement then great but I'm not doing cartwheels over this .

He just bought out Foulger who at least supported the club and is from the area.

I went to Banham primary school with Sarah Foulger his daughter .

He sold Banham poultry to an Indian and now his Canary shares .

 

These are the quoted bullet points from the Athletic article:

• Attansio has provided a £10m 'loan' by buying these shares. These pay a 7% dividend for the next 7 years.
• At the end of the 7 years we'd either own a repayment of around £16m or he can convert the loan into ordinary shares up to the value of 10% of the club (if approved by the board)
• Foulger has been keen to sell for a bit of time but it is made harder when the majority shareholders aren't also looking to sell
• Space on the board for another person who doesn't need to own shares. MB seems to think this won't be Foulger though (although he's open to staying on) but likely another member of the American group.
• Smith and Jones see it as a rare opportunity to get money into the club and learn from an experienced owner in another sport.
• Attanasio has wanted to invest in 'soccer' for awhile and Norwich met his criteria: owning our stadium, quality training ground and having the option to purchase a minority stake initially were all on his tick list
• The Americans presented to the owners the weekend of the Spurs game - apparently two key points were around data and how they use clubs in the Domincan baseball league to create a talent pipeline.
• Interesting nugget in there that we apparently have a long standing interest in doing similar by buying a lower league team in a European country to help develop players and that this could accelerate that plan.
• Attanasio's money is more likely to be used on projects such as the City Stand and Colney development than to finance player purchases.
• Smith and Jones have remained steadfast in their desire to retain 'guardianship' of the club.
• Attanasio has approached a large number shareholders about how open they are to selling their stakes moving forward - mentioned success with all those approaches could take him as high as 40% but would likely be much lower.

 

My read on all of that is that it won't make any major difference in the immediate future if no new money is available for players. Enlarging the City stand would be a future project with increased revenue down the line but no help next season if we're promoted.

 

It sounds like he may eventually try a take over but our owners aren't desperate to sell up so , I feel the club and future are in safe hands

 

This was the most interesting bit for me, the development of a clear feeder club or "finishing school" could be a really beneficial approach in terms of getting players work permits, first team football for youngsters, etc. I think it's the clear next step for our youth development system, and it's great that the new director has experience with that approach.

 

https://www.tmj4.com/sports/basebal...investment-in-norwich-city-soccer-club-is-okd

 

Typical lazy reporting

 

Impossible to read this whole article about Attanasio and "Norwich City Soccer Club" without an American accent.

https://www.jsonline.com/story/spor...-approved-buy-stake-norwich-city/10364929002/

 

Like the fact we are "a franchise".

 

Makes me shudder , it cheapens us like a Taco Bell franchise

 

https://www.canaries.co.uk/content/interview-mark-attanasio

https://www.canaries.co.uk/content/...s-on-upcoming-changes-to-norwich-city-board-1