What a footballing week it’s been – three wins, seven goals scored, Wesley missing another penalty, all culminating in an away win from a goal behind; very controlled and all positive.
Looking back, it’s hard to imagine that all that was proceeded by a social media frenzy and message board mutterings of protests over ownership, lack of ambition from the boardroom (because there are no “For Sale” signs outside Carrow Road) being broke, together with the questioning, in some quarters, about the manager’s inexperience and ability to attract the right players to the club and getting the best from the squad.
All of the above, as you would expect, has already been comprehensively covered by various writers on MyFootballWriter, and commented upon (I’m still waiting for the “gifting of tickets” to this particular columnist, by the way) in great detail.
However, there are a couple of issues worth revisiting.
The “not for sale” comment – despite the accompanying social media outcry – if given some considered thought, really shouldn’t come as any great surprise to anyone. The heir apparent is already in place; the club, despite the financial challenges following relegation, isn’t on the point of running out of cash and, therefore, in no immediate, or desperate need, for additional investment.
Would we like additional investment? Stupid question – of course.
Mick Dennis has already given insight into the Peter Cullum offer – there’s nothing further to add.
However, moving on a few years, there was, apparently, what could, perhaps generously, be phrased, an “expression of interest” from a certain Tony Fernandes – which pre-dated his involvement at QPR.
At the time, City were, of course, in League One, the banks wanted their money back (something we couldn’t do at the time) and, without knowing any of the details – so there’s an element of personal presumption here – the aforementioned gentleman probably sensed an opportunity to pick up a football club which, at the time, was perilously close to financial collapse.
What may not be appreciated, the only open available would have been an outright purchase of the majority shareholdings – although that would have given cash to them, not the club – followed by personal loan funding from the new owner.
Whatever discussions did, or did not, take place, we can only speculate but – and here’s the important bit, the club recognised that it was constrained at the time in its ability to issue new share capital. And, importantly, at the next AGM, shareholders approved a resolution for the club to be able to issue new ordinary shares up to an aggregate nominal amount of £1,000,000.
That’s one million new ordinary shares. Or, put another way, potentially, up to £100,000,000 new cash, always assuming you can find a punter willing to purchase those shares at £100 a pop!
That would now be more than enough right there to rebuild the City Stand – plus a Ross McCormack if you fancied it – and give the purchaser a 60 per cent controlling interest in the club.
The markets have, apparently, been trawled before for potential investors – perhaps, now, with City in a much better position financial health than previously, is a time to revisit the options?
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There is absolutely no doubt in my mind that nothing beats an actual match day experience. Watching your team live beats any Sky subscription hands down. Every. Single. Time.
Therefore, Rick’s recent exploration of the opening up the match day experience to a wider fan base made me recall how challenging this would, in practice, actually be.
A few seasons back, me and two others decided to change our season ticket seats. However, getting three together proved impossible. The best we could do was a pair, with the third seat three away to the right.
No problem, we thought. At the first match we’d ask the intervening occupants – who were also season ticket holders – if they’d mind shuffling one seat to their right.
What we hadn’t anticipated, among a sea of yellow seats, one of the two intervening seats was actually green, forming part of the huge Canary motif which dominates that particular stand. Our request for a “shuffle” on match day one, was therefore met with the surprising reply: “I love my green seat, I’m not moving for anyone!”
The opportunity for further meaningful negotiation was promptly curtailed by one my colleagues responding; “FFS, it’s a piece of plastic. Does it matter what colour it is?”
Notwithstanding the nature of the above incident, it does, in all seriousness, highlight two problems – the limited availability of “non-season ticket” seats on match days (unless you’re prepared to take restricted view seat) and just how “precious” many season ticket holders are about their existing seats.
Any proposal by the club to reduce the season ticket cap downwards is likely to be hugely unpopular with existing season ticket holders and could only probably be done if a significant number suddenly decided not to renew, or, preferably, thorough a significant increase in capacity.
All of which, rather nicely, leads me back to the preference for additional investment, given the club’s current policy of investing very spare penny – whether in the Championship, or Premier League – in the playing squad.
There’s a conundrum for our new CEO to get his teeth into now the transfer window is closed.
Over to you Jez!
On the subject of sky after a change of job’s and no longer working weekends I had cancelled sky (the better half not liking the wall to wall football anyway) and got a season ticket for my son and me. We also switched to BT broadband, got Amazon and Netflix for movies and TV, BT helped by getting some football and even with travelling and program for games I’ve ended up around about £300 a year better off. Even with so very many disappointments watching Norwich live is so much better than any other team on TV. I’d love to see more investment in the club, but like others have said be really careful what you wish for because most foreign investors have caused more harm than good to the club’s.
OTBC fingers crossed for a great year for Norwich!
I’ve really started to think more and more about this lately but cannot come up with any easy answers.
Perhaps the best idea would be to stick with the owners and the locally-based Board made up of relatively well-heeled genuine fans after all but pray for every single decision they make being the right one to get us established in the PL?
Tongue in cheek and pie in the sky in equal proportions, but the more I read the less I like the look of the foreign millions. Leicester was/is a one-off in every sense.
Gary Field made a good comment on another board that it is unrealistic for NCFC supporters to expect permanent occupancy of a spot in the PL. On reflection I guess he is right, so that’s my dream ruined!
I remember us being constantly in Division One for nearly 10 years in the late Eighties-early Nineties and I hanker for a return to that – although with deep irony it was basically the Chase era – ’nuff said.
Finally the “unofficial shuffle” of seats (at least in the UB) has happened to me to, but refusal to budge from one intransigent person means I’m now sat next to an ex-pro Reading keeper whose insight adds to my enjoyment of the game – he’s better company than one of my mates anyway – sorry Keith:-)
Very sensible stuff, as was Paul’s column yesterday.
When I started supporting City in the Sixties, I can’t recall any expectation for us to be in the top division – Division 2 (the Championship these days) was our ‘natural’ place.
The brutal ambition of Ron Saunders shook us out of that – mostly for good, of course, but perhaps not completely. It’s desirable and realistic for us to aspire to be in the Premier League – but the expectation of being permanent members (let alone permanent top 10) just isn’t right.
Great mood at the moment, of course. Perish the thought, but imagine the change if we have a loss to Burton on Saturday, as the first evening of Strictly goes on air….
#3 Stewart Lewis: re your final sentence – I at least would appreciate the irony and do my best to laugh.
I don’t think it will happen. Things are looking good just now and I’m sure they’ll be no pushovers but they could be in for a dose of “stadium shock”.
I remember playing on the plastic at Kenilworth Road (Luton) in a Company match the management paid for after being exclusively used to Hackney Marshes, Sloughbottom Park and many other similar others.
Never got the chance to play at The Carra – probably because I wasn’t good enough:-)
The contrast affects you, believe me:-)
el dingo (4) – Ha!
Sounds like you & I have had similar experiences. I once played on a top-flight ground (sadly not Carrow Rd) after being used to Wormwood Scrubs and Old Oak Common. As you say, bit of a shock.
Having said that, Burton have already given a good account of themselves at e.g. The City Ground.
PS Wormwood Scrubs was one of our away grounds, not home…
Cracking piece by Gary. I can throw a little light on the Fernandes situation in that I know that no offer was actually made (it was described as “sniffing around” by MWJ who was less than impressed with Mr F)
Did I ever mention that I played at the old Wembley?
Careful Robin (6) – that ‘did I mention I played at the old Wembley’ will soon rival Dave Whelan’s ‘did you know I broke my leg in the FA Cup final’ 😉
#5 Stewart Lewis: I think at one point Hackney Marshes had two changing rooms for what could have been up to some 72 teams on any given Sunday.
Me and my mate would get changed in the car, which was my Austin Healey Sprite (MG Midget) in those days. At least you could take the roof down to get your boots off!
Re the WS reference: you must have inside information.
#6 Robin Sainty: Whether you have mentioned it previously or not, nobody could ever top that experience I am sure.
I agree with you that this was a great article by Gary Field.
Thank you all for the various replies and kind words.
Clearly, the widely held presumption that Delia either stays – with no new cash – or sells up to another party in exchange for new funds, is wrong. It’s not that black or white – we could certainly have both and it would be one way to resolve the capacity issue.
@6 Robin – TF a chancer, fancy that and, no, you never mentioned. I’ll try and look impressed next time I see you
Just a few points hopefully relevant to the main subject of the article.
– Ultimate control of NCFC vests with Delia and her husband ( 2015 R&A note 32.)
-authority to allot shares rests with the Directors which was renewed by Ordinary resolution 5 at the 2015 AGM.The explanatory note said ” This Resolution, if passed, will continue to provide flexibility for the Directors to act in what they consider to be the best interests of the Company, when opportunities arise, by issuing new shares.
– normally when new shares are issued shareholders are given the opportunity to maintain the proportion of their existing holding. The Board recommended in Resolution 6 that there should be flexibility to finance business opportunities…. without the need to comply with this requirement.
So what does this mean in practice?
The Board , controlled by Delia and Michael , have the right to offer new shares to a prospective investor or decline an expression of interest if they don’t think it is in the best interests of the Club ( or their own!) It is not a case of someone turning up with £millions and staging a hostile takeover.
If new shares were issued D&M would not necessarily acquire any to maintain their majority shareholding.
The actual price at which the shares are offered is also set by the Board. The current figure of around £100 a share may or may not be appropriate in the future.
In view of the ongoing debates about ownership and new investment I think it would be appropriate if the majority shareholders did give an indication at the forthcoming AGM of their intentions over their future custodianship of our Club.
@10 BB. Interesting questions.
The resolution 6 seems to give more flexibility to quicken up the process without the need to go out to all existing shareholders as well. Whether that’s a good or bad thing I’m not sure?
I guess the price would be a matter of negotiation?
Perhaps the more pertinent question is whether we’re actively looking for investment again?