Linklaters has advised Norfolk FB Holdings (“Norfolk”), the investment group led by Mark Attanasio (American businessman and principal owner of the Milwaukee Brewers Baseball Club) in connection with the increase of Norfolk’s shareholding in Norwich City Football Club (“Norwich City”).
The independent shareholders and shareholders of Norwich City approved the requisite resolutions on 23 October 2024. Consequently, Norwich City will now proceed with allotting 2,465,165 convertible D Preference Shares and 56,023,908 non-convertible E Preference Shares to Norfolk. These strategic steps will allow Norfolk to convert the D Preference Shares into Ordinary Shares from 1 March 2025, thereby increasing its shareholding of ordinary voting shares to approximately 85% of the Norwich City’s ordinary share capital.
As part of this transaction, Delia Smith and Michael Wynn Jones will step down from the club’s board of directors, to assume their new roles as honorary life presidents of Norwich City.
The approval of these resolutions marks a pivotal moment in Norwich City Football Club’s history, setting the stage for future growth and success under the stewardship of Mark Attanasio and Norfolk and Norwich City’s new board.
This transaction follows Linklaters originally advising Norfolk FB Holdings on the acquisition of a minority stake in Norwich City Football Club in 2022.
The deal team was led by Corporate partner George Yiend and Co-Head of Linklaters’ Sports Sector Shamin Choudhury, alongside Corporate managing associates Alexandra Simpson and Fionna Ng, and Corporate associate Sadia Chowdhury.
Linklaters’ global, cross-practice Sport Sector team offers an exceptional understanding of the unique challenges and regulatory pressures within the sports industry, providing end-to-end services across corporate/M&A, finance, litigation, and more. With a truly international reach and expertise in key markets worldwide, they serve a diverse client base including corporates, financial sponsors, and sports organisations.
