Is new investment needed?

Way back when, Peter Cullum decided that £25 million new investment was required to be put into Norwich City. His proposed method of injecting this cash was, whatever Gaz may think, to use his own money to purchase newly-created shares. At the same time Alan Bowkett's group decided "through logic and financial analysis" that a sum of some £25 million needed to be invested in the club. This similarity of amounts convinced the oleaginous Munby and Mr Doncaster that Cullum and Bowkett were in cahoots, and that Bowkett therefore should not be allowed to speak to the majority shareholders.
When Bowkett made his calculations public - on the 5th May 2009 - the club was in a substantially more parlous state than it is now. Nevertheless both Cullum and his advisors, and the Associate Directors led by Bertram and Bowkett were completely wrong: the investment of £25 million never materialised, but yet within two years the club had returned to the Premier League.
So I don't believe now that new investment is required. I don't believe - for all their faults - that the majority shareholders should be replaced. However, there needs to be change.
It seems to me that the football club is being run along the lines of a lifestyle business - as it was prior to the arrival of Bowkett and McNally. If that is not changed the result will be the same, if not this season then soon.
The board of directors is not fit for purpose. Non-executive directors must scrutinise the management of the club. There is no football expertise on the board, and precious little business expertise. Tom Smith brings nothing at all - other than being Mrs Wynn-Jones's nephew. It is frankly ludicrous that he "went to the Colney training complex to ask Neil for a debrief about the Ashton Gate game". A debriefing that led to the sacking of the manager. Balls also brings nothing to the party. Having appointed Moxey - an appointment which he himself described "a mistake, and clearly expensive" it is simply extraordinary that he was then allowed to preside over the appointment of Webber.
We can but hope that Webber is a good appointment. But whether he is or not, my feeling is that the club will remain unmanageable whilst the board of directors is more reminiscent of the cast of a reality TV show than anything else.

Posted By: Miles Dewey Creosote on December 27th 2017 at 18:37:32

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