Mark Attanasio and his Norfolk Holdings partners are set to become Norwich City’s new principal shareholders, with Delia Smith and Michael Wynn Jones leaving the board with immediate effect.
The club’s regular shareholders gave their consent, as expected, at a special extraordinary general meeting held at Carrow Road on Wednesday night.
The vast majority voted in advance to approve a change of ownership that will see Attanasio and his company boost their shares to 85 percent, following a £56 million debt-to-equity conversion agreed upon by the prior majority shareholders.
Shareholders approved six resolutions that will result in a formal turnover of power beginning March 1, 2025.
Smith and Wynn Jones become honorary life presidents with immediate effect, but they will continue to be present around the club on matchdays, following their 28-year tenure as caretakers.
The club issued a statement that read: ‘Norwich City can report that all resolutions tabled at the extraordinary general meeting held at Carrow Road on Wednesday evening were approved by the relevant shareholders.
‘The club will now allocate 2,465,165 newly-created ‘D’ Preference shares and 56,023,908 newly-created ‘E’ Preference shares to Norfolk Holdings, the consortium led by Mark Attanasio.
‘From March 1, 2025, the ‘D’ Preference shares can be converted one-for-one into ordinary shares in the club, bringing Norfolk Holdings’ ordinary shareholding to 2,792,874 ordinary shares (roughly 85 percent of the club’s ordinary share capital).
The appointment of Richard Ressler as a director of the club was also authorised during the meeting.
‘With the ratification of the resolutions, Delia Smith and Michael Wynn Jones will step down from the club’s board of directors and become honorary life presidents.
‘This concludes an unbelievable 28-year tenure as directors of the football club.
‘The club’s existing board would like to express its heartfelt appreciation to Delia and Michael for their services to the club during their tenure as directors.
‘Going ahead, the club’s board will be made up of Mark Attanasio, Richard Ressler, Tom Smith, and Zoe Webber, with Norfolk Holdings having the right to appoint an extra director to the board in due course.’
The current shareholder vote caps off a process that saw the Milwaukee Brewers’ major owner join the club’s board in September 2022, when the US-based investor bought a 22 percent stake in a private transaction with former Norwich director Michael Foulger and his family.
Attanasio’s group has continued to extend its financial backing, with the most recent set of released accounts indicating that as of August 31, 2024, Norfolk Holdings has poured $80.45 million in debt finance into Norwich City.
That was increased last month by a $7.05 million loan to give the company with working capital cash flow and to assist with player acquisitions throughout the summer season.
Attanasio and his family have also played an active role in the major decisions that brought Ben Knapper to the club as sporting director, followed by the appointment of Johannes Hoff Thorup as head coach.
The Dane provided an insight into the working partnership ahead of the midweek Championship draw at Preston.
“I would say exactly the support that you hope for as a head coach,” he replied. “And I believe I can speak for Ben as well, in that they are interested in a constructive way, in hearing about our thinking and processes, and in how we do things, and then they ask how they can help with that, and how they can help in the future.
“That, I would say, is the perfect ownership and relationship between us, since that is exactly how we want to move ahead.
“They’re curious and ask enquiries. I believe they want to be here more than they are, since they, of course, watch all of our games and have questions about why we do this, what about this, etc. They may then provide further support in other areas, which is critical for this club’s future success.
“I believe there is a really excellent relationship, based on their curiosity for the game, how to establish a style of play, and how to develop a squad going forward. Of course, on the other hand, they can support with maybe a little more clarity from the outside, maybe a little more steady business on the
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