In the light of headlines in this morning's press we thought it would be helpful to supporters to share the process the club uses when evaluating any potential investment in Norwich City Football Club PLC.

We look at the individual, we look at what they want to achieve and we look at the financial viability of their proposition. In the case of someone seeking to take control of the club and at the same time invest £20 million in the playing squad this would take a minimum of £56 million made up as follows:

Investment in playing squad	£20 million
Purchase of shares based on current share issue price of £30 per share	£16 million*
Repayment of bank debt that would be triggered by a change of control	£16 million
Repayment of directors' loans	£4 million
TOTAL	£56 million

In the last 12 months we have talked to a number of potential investors. We have also reviewed a number of different propositions. Unfortunately none of these investors have made a proposal which we have considered financially viable.

Notwithstanding this the board remains open minded about future investment and will continue to seek new investors and evaluate their propositions using the process described above.

*This figure is based on an offer for 100% of the issued share capital as required by the rules of the City Code which apply to Norwich City Football Club PLC