To be honest, the exact mechanics of all this dont matter that much

Well, they do of course. But what I mean is, this is all the financial gubbins that basically:

- writes off the Attanasio debt
- converts that into an agreed final equity share
- dilutes Delia and Michael (and everyone else) in the process

Could have been done in lots of ways, but this is the (set of) financial vehicles they have used. All the relevant legal/finance teams will have been all over this to ensure that, at the end of the day, these instruments do this and only this, that all the numbers add, and that everyone ends up with what was negotiated when all things rights are exercised.

As an aside, just from eyeballing those passages, I'd be surprised if this doesnt bring some immediate tax benefit to Attanasio et al. Timing this so its done shortly before end of tax year also suggests that! But who cares I guess. Tax is for little people, right?

For me the key thing in the whole report is this:

The document also shows that, as of August 31, 2024, Attanasio's group have injected $80.45m of debt financing into Norwich City. That was increased last month by a further loan of $7.05m to provide the business with working capital cash flow and to help with player acquisitions over the summer window. That has an interest rate of 11pc.

This is an absolute s**t tonne of money. Imagine a world without this level of financial support, and what the squad would now look like. Fire sale doesnt even begin to describe it. Obviously football fans will always want more squillions of cash spent on the team, and will accuse the owners of trousering money. But this reveals just how grateful we should be to our new owners.

Posted By: Under soil heating, Oct 9, 09:53:57