Norwich City Football Club is on the verge of welcoming a new minority shareholder. American businessman Mark Attanasio is awaiting ratification on the purchase of new shares that will make him a joint minority shareholder of the club, sharing 40% of the ownership with Delia Smith and Michael Wynn Jones. The shareholders have voted in favor of the process, and the club is now awaiting confirmation from the English Football League (EFL).
Attanasio is the owner of the Milwaukee Brewers baseball club, and Smith believes that his experience in bringing the Brewers to the top will benefit Norwich City. The deal with Attanasio’s group was carefully considered, as the club wanted shareholders who believed in the community and were committed to the growth of the club. Smith explained that if the partnership with Attanasio is not successful, they are not willing to give up their 40% ownership. Despite the impending transfer of majority ownership, Smith expressed a tinge of sadness but emphasized that their priority is the good of the football club.
Smith further revealed that City’s financial situation necessitated the increased shareholding for Attanasio’s group. In 2022, the club’s board director, Michael Foulger, decided to sell his shares, prompting the search for potential investors. After evaluating four different Americans, they settled on Attanasio. He bought the shares and made financial contributions to the club, with an agreement for the club to be sold to him or return his money after seven years. However, the financial impact of the COVID-19 pandemic resulted in the club accumulating debt again. As a means to manage the debt, Smith and Jones released some of their shares, leaving them with 40% ownership and Attanasio with 40%.
The impending ownership change reflects a strategic decision by Smith and Jones to transition away from overall control due to their age. They recognized that it was time to find the right people who could lead the club forward. Attanasio’s potential involvement comes with optimism, as his success with the Milwaukee Brewers suggests that he has the capability to elevate Norwich City to greater heights. The club now eagerly awaits confirmation from the EFL and the formalization of their partnership with Attanasio’s group, which they hope will lead to a prosperous future for the Canaries.
