American Mark Attanasio became a joint majority shareholder in Norwich City Football Club alongside Delia Smith and Michael Wynn Jones a year ago, with each holding a 40.4% stake. However, Smith and Wynn Jones will be stepping down from the board in March 2025, at which point their stake will be reduced to 10%, while Attanasio’s Norfolk FB Holdings will increase theirs to around 85%, pending final shareholder approval. Norfolk FB Holdings has been a key source of funding for the club, providing loans totaling £58.6m as of June, with an additional £8m in cashflow funding since then. The existing loan will be converted into two new classes of preference shares, leading to the increase in Attanasio’s shareholding. Attanasio first joined the Canaries board over two years ago and has owned Major League Baseball side Milwaukee Brewers since 2004.
Norwich City’s annual report revealed a pre-tax loss of £23.6m for the 12 months to June 2022, despite a club record turnover of £133.9m. The turnover fell to £75.6m for the year ending in June 2023. The club aims to become an established, financially stable Premier League club through effective player trading and growth of off-field revenues. Parachute payments ended last season, but the report outlines a strategy for long-term success. On the pitch, Norwich reached the Championship play-offs last season under David Wagner but lost to Leeds United. Wagner was replaced by Johannes Hoff Thorup at the end of May, and the team currently sits seventh in the table with 15 points from nine games. The club’s last match before the international break was a 4-0 victory over Hull City, with Borja Sainz scoring his eighth goal of the season. Sporting director Ben Knapper praised Thorup’s vision and philosophy, as well as the recruitment of talented young players during the summer transfer window.
Club executives are grateful that Attanasio and Norfolk FB partner Richard Ressler share their values of achieving sporting success while prioritizing the club’s community. Attanasio and Norfolk FB’s financial support has been crucial for Norwich City, with loans and cashflow funding contributing to the club’s operations and development. The club’s leadership is optimistic about the future under Attanasio’s increased shareholding, with plans to continue building a financially stable and successful team both on and off the pitch. Norwich City’s recent performance under Thorup has shown promise, with a focus on attracting young talent and developing a clear playing style. Despite the financial challenges faced by the club, there is confidence in the path that Norwich City is on and the potential for long-term success. The club is committed to achieving its goals and establishing itself in the Premier League as a competitive and sustainable club.
In summary, American investor Mark Attanasio has increased his shareholding in Norwich City Football Club through Norfolk FB Holdings, with plans for further investment and support. The club recently reported a pre-tax loss for the 2022 financial year but remains focused on long-term financial stability and success. Under new head coach Johannes Hoff Thorup, Norwich City is aiming for promotion to the Premier League while developing a young and talented squad. The club’s leadership, including Attanasio, is dedicated to achieving sporting success while prioritizing the community and values of the club. Despite financial challenges, Norwich City is optimistic about its future prospects and committed to building a strong and sustainable team both on and off the pitch.
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