In recent years, internally, their self-funding project has been dubbed as the ‘most ambitious project in football’ – there is probably an element of truth in that.
Delia Smith and Michael Wynn Jones have, by their own admission, not got the wealth of other football owners. Norwich have been punching above their weight for a significant portion of time and when measured against that context, they’ve done extremely well to experience Premier League football as frequently as they have in the last decade.
Swimming against the tide and attempting to better clubs with vastly deeper pockets has proven challenging.
Within that context, there is a sadness that underscores this historic moment in the clubs’ history – it is an admission that the project they stood by for a significant portion of time has lost the belief of those attempting to implement it.
The chasm has become too big. The finances too deep. The realities of pursuing along the current path stark.
For all the positives, both moral and logistical, of attempting to run the club in a self-sustainable way, the flip side is the position they are in now.
Without a promotion, things have slipped the other way. Bills can stack up, they become dependable on loans that are testing to pay back amid interest hikes. Wrong recruitment decisions have exacerbated the issue, as making a profit on talent is their biggest source of income.
That has led to costs soaring and Norwich needing to find a solution. Attanasio has waltzed in as the knight in shining armour to save the day – it is a signal of his intent to support the club financially and leveraged him into a position to ask for further shares.
Shareholders have ensured the process can continue – with the newly created shares poised to be allotted to Attanasio pending EFL approval.
Attanasio’s involvement is seen as the next best step to continue their journey – it won’t be a pivot into a different direction but a better-financed version of their current model. A more sustainable way of being creative.
They will still invest in people and infrastructure. There will be no blank cheques written, multi million transfer fees or wreckless spending their way out of difficulty – but it will help them to shore up the finances in the wake of £66m worth of loans being taken.
This is the latest step of the process that could lead to Attanasio assuming overall control of the Canaries, but there is still some distance to go before that becomes a reality. Within the documentation is a clause that prevents the Americans from trying to up their stake for three years.
After a year of working together, this green light is another sign that Attanasio and his group continue to clear the very high threshold that Smith and Wynn Jones have always put in front of those willing to get involved with the club.
Attanasio holds a phone conversation with sporting director Stuart Webber after every game as a debrief and progress report. He has become a prominent voice in board meetings, injecting an extra level of expertise and a fresh voice in meetings.
It is not just financial gain that Attanasio has contributed. He has offered advice on data and opened doors to working with counterparts in Milwaukee to help Norwich’s fledging department learn the ropes.
The relationship is continuing to develop. But the fact it has reached a stage where all parties are amenable to accelerate it is a positive, even if it is a financial necessity.
It marks a historic moment in the club’s history; after over 26 years of sole stewardship – Norwich will now become minority owned between two parties.
Smith and Wynn Jones have also found the ‘majority shareholders’ label difficult to grapple with, preferring ‘custodians’. History will judge their contribution kindly in a football world that has seen clubs implode and football struggle with a constant ownership problem.
They have always been willing to stand aside if somebody with deeper pockets came along – this phased process is about protecting the club’s long-term future and ensuring it ends up in the right hands.
Some will want this to move quicker. But Smith and Wynn Jones are unwilling to see it end in catastrophe. This is a pace all parties are comfortable with.
The circle of life is also a factor – but the hope is that Attanasio will be the man to take the club into the next era and preserve its future for the long term.
For now, Smith and Wynn Jones remain at the wheel. Attanasio’s group will vote in lockstep and
continue to be supportive as they learn the game and its processes.
It follows a similar process that saw Attanasio acquire the Brewers from the Selig family in 2004.
This is the beginning of a cautious look to the future for Norwich City. It will be slow and steady, but it marks a significant moment for the club as Smith and Wynn Jones’ reign as sole majority shareholders is set to come to a close.
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