Norwich set to become PLC

By Paul Holmes
July 9 2002

Norwich City look set to become a PLC after the shareholders gave their backing for the planned move.

The club will issue 210,000 new ordinary shares at a cost of £25 as well as 53,300 B preference shares at £100 which are already in issue.It is hoped that the Carrow Road club will generate up to £10million from the floatation. However it is more likely that £5million will be raised.

Norwich fans will now be able to buy shares in the club and have a say in the clubs future. Speaking to the clubs official site director Delia Smith spoke of the move "I think now is the time for the people of Norfolk to stand up and be counted if they want their football club."

"It's something that belongs to Norfolk, to the community. When the football club does well, business does well."

Chief Executive Neil Doncaster also spoke of the importance of the floatation. "It provides us with the ability to deal with the cash gap that's been left by the ITV Digital debacle.

"This is the time for supporters to be able to potentially invest in their club."