Norwich now look more like combine harvesters than tractors
An extraordinary general meeting agreed this month that majority control of Norwich City will pass to Michael Attanasio’s Norfolk Holdings group from Delia Smith and Michael Wynn Jones after their 28 years at the helm.
Attanasio, the owner of American baseball team Milwaukee Brewers, first purchased a minority 22% stake from former director Michael Foulger in September 2022, before increasing his shareholder to 40% in April 2024.
From March 2025 Attanasio will convert his loans into equity, giving him 85% of the football club. Smith and her husband will retain 10%, while the remaining 5% will be owned by independent shareholders, including the supporters’ group, The Canaries Trust.
The board emphasised that this transaction “involved no payment to Delia and Michael”, thus “securing the long-term financial security of the club and an effective and positive transition”. Clearly, Norwich City owe a huge debt of gratitude to the former owners, so it feels only right that they have been appointed as Honorary Life Presidents.
So what is the financial situation that Attanasio has taken on?
Norwich have long been regarded as a club that tries to operate sustainably, posting a profit in seven of the ten seasons up to 2020/21. However, they have lost money in all three years since then, adding up to £65m over that period.
