official club news Norfolk Holdings to to enable majority control of club

[cambridgeshire canary 7,778]

 

 

Edited August 12 by cambridgeshire canary

[Canary Wundaboy 1,423]

Yaaaaaas get it done! 

[king canary 8,735]

Wow! That came out of the blue. I know it was expected at some point but not this quickly. 

[Grumpy Old Man 16]

😳

[cambridgeshire canary 7,778]

1 minute ago, Grumpy Old Man said:

😳

Are you ready for life president Delia smith?

[Midlands Yellow 4,682]

Hallelujah, the handover time period was ridiculous and unnecessary.The Empire State Building went up twice as fast. 

[king canary 8,735]

Just now, cambridgeshire canary said:

Are you ready for life president Delia smith?

Are you ready for CC not understanding something he's read?

[Grumpy Old Man 16]

Rather depends what a 'life president' gets to do! Perhaps some claret-fuelled 'cheerleading'?

[TIL 1010 5,238]

History has been made.

[Soldier on 286]

Debt free changes the dynamic. Certainly for next season anyway . Good news .

[Jim Smith 2,578]

Good news and fair play to Delia and MWJ for allowing MA and Norfolk Holdings to step in. I wonder if Saturday was a light bulb moment for them in terms of finally making that jump or at least bringing it forward. Shame we couldn’t do this in the summer before flogging Sara and anyone else who goes. 

[Ward 3 476]

3 minutes ago, Grumpy Old Man said:

Rather depends what a 'life president' gets to do! Perhaps some claret-fuelled 'cheerleading'?

Just drink through profits 🤣. Thanks to Delia though. I know people have slated her and MWJ but if it wasn't for them what would the club look like? Couldve been sold years ago and be a very well established PL team or could've been a Bradford situation for example.

Here is to a new era at NCFC 💚💛

[Jsim1986 188]

Fair play to them , they aren't taking a penny from the sale and it wipes out all the clubs debt, say what you want about them but that's amazing, not many people would do that and I am very grateful as a fan for them doing that.

Edited August 12 by Jsim1986

[Payno10 52]

Can someone explain this to a mind of 6 year old! Trying to understand it, but does it mean we can now go and buy who ever we want with the American big bucks?

[Feedthewolf 5,885]

If I'm correct, if a majority shareholder reaches 90% shareholding, they have to automatically buy out the remaining 10% and take full control, yes? If so, one presumes it's a symbolic 10% that D&M are retaining (and then passing down to Tom), to ensure that the club always remains at least partially owned by local investors?

Edited August 12 by Feedthewolf

[Soldier on 286]

1 minute ago, Jim Smith said:

Good news and fair play to Delia and MWJ for allowing MA and Norfolk Holdings to step in. I wonder if Saturday was a light bulb moment for them in terms of finally making that jump or at least bringing it forward. Shame we couldn’t do this in the summer before flogging Sara and anyone else who goes. 

Don’t think it would have changed that dynamic Jim due to FFP rules that sale was still necessary . Potentially puts us in a good place for this time next year though.

[king canary 8,735]

3 minutes ago, Jim Smith said:

Good news and fair play to Delia and MWJ for allowing MA and Norfolk Holdings to step in. I wonder if Saturday was a light bulb moment for them in terms of finally making that jump or at least bringing it forward. Shame we couldn’t do this in the summer before flogging Sara and anyone else who goes. 

Things like this don't happen overnight, there is a zero percent chance this is anything to do with Saturday. 

[Wimbledoncanary 37]

So with the 'debt' converted to shares we are financially solvent again 😳. Surly less pressure to sell players etc ? 

[Peregrine Shorts 523]

come on Essex...it's time to try and p*ss on everyone's parade

[Badger 2,745]

Presumably we will get a financial update as shareholders?

[shefcanary 2,940]

I wondered why the Pink'Un Q&A came to an abrupt end! 🤣

Seriously though, this news, although earlier than I thought would occur, follows the path I anticipated, only I didn't expect it until  the 3 year concord had ended.

Smith & Jones will retain a golden share of 10% to act as a potential block on what happens next. It will be interesting to see what happens to the other 5% of minority shares (don't get your hopes up Essex!).

Interesting now that the takeover is escribed as being by Norfolk Holdings and not Attanasio himself. No more filing **** ups this time we hope.

The new dawn starts now. Wasn't due to something that happened on Satirday was it?

[shefcanary 2,940]

5 minutes ago, Payno10 said:

Can someone explain this to a mind of 6 year old! Trying to understand it, but does it mean we can now go and buy who ever we want with the American big bucks?

No, the yanks don't do that. However expect many more £3-5 million acquisitions and regular sales of players in the £20m+ bracket. Plenty of scope for arguments on here! 

[hogesar 10,713]

Unbelievable generosity from Delia and MWJ.

I can't imagine any of the fans who've criticised them over the years would be as willing to turn away so much potential individual wealth.

[In my blood 106]

Very interesting news indeed. 

[TIL 1010 5,238]

What a day this is for The Guild of Fag Packet Accountants @nutty nigel

[Robert N. LiM 6,208]

Was always going to be quicker than the three years. Feels like a very necessary step given the realities of football finance. As foreign billionaires go, think we've got a good one.

Sue me, but I still think it's a very sad day. I loved that we were trying to do different and am sad that our attempt failed, though we did get very close at times and in some style. Our 122-year history as a fan-owned club is at an end. 

[Jim Smith 2,578]

5 minutes ago, king canary said:

Things like this don't happen overnight, there is a zero percent chance this is anything to do with Saturday. 

I’m sure this arrangement was always the long term plan so work will have been ongoing but this does appear to have been brought forward. Ultimately who cares why but I still think events on Saturday could have played a part. Anyway this should give everyone a boost at a time we need it. 

[shefcanary 2,940]

6 minutes ago, Feedthewolf said:

If I'm correct, if a majority shareholder reaches 90% shareholding, they have to automatically buy out the remaining 10% and take full control, yes? If so, one presumes it's a symbolic 10% that D&M are retaining (and then passing down to Tom), to ensure that the club always remains at least partially owned by local investors?

Yes, I think maybe one reason why it has taken so long is finding a mechanism for Smith & Jones to be comfortable with the future to ensure the club didn't just become like say WBA who seemingly get sold every season, but never to anyone who really cares about the club. I see this 10% eventually being left to a trust governed by high profile local people, to carry on Smith & Jones wishes.

[Canary Wundaboy 1,423]

Interestingly enough, I note that Tom Smith remains on the board, and Norfolk Holdings have also appointed Richard Ressler to the board who’s worth big bucks.

[Up and Away 91]

At face value, this could be good news. We do though need to read the small print.

- Debt being converted to preference shares? How much interest will NH charge on these, if any? Their previous £10m loan is costing 7% per annum on the preference shares issued.

- NH do not need to convert many of the preference shares to voting shares to assume majority control. Need to work out how many. I have been sceptical of NH for acquiring 40% for just £8m. Have they mugged the old people again.

- More importantly, what additional monies will the new majority owners invest?

All will be answered once the paperwork is published.