Norfolk Holdings has agreed a deal to purchase club shares from the Canaries Trust.
As part of the transaction, the Canaries Trust has agreed to donate a significant proportion of the funds raised to the club’s Community Sports Foundation and its programmes. A smaller proportion of the proceeds will be used to help secure the future of the Canaries Trust, which has previously relied on fundraising by its volunteers.
The proposal was approved by Canaries Trust shareholders at the organisation’s Annual General Meeting, held at Carrow Road on Wednesday evening. Club captain Kenny McLean was a special guest at the AGM and, following the formal business, took time to answer questions and pose for photographs with those in attendance.
The Canaries Trust is the club’s third-largest shareholder group. As part of the agreement, the Trust will retain a nominal number of shares.
Robin Sainty, Chairman of the Canaries Trust, said: “With the Football Governance Act, along with our Memorandum of Understanding, formalising the Trust's position in terms of engagement with the club, we saw an opportunity to make a meaningful contribution to projects to help City fans and the wider community by realising the significant sum currently tied up in our shareholding."
Zoe Webber, Executive Director at Norwich City, said: “We’re delighted to have reached this agreement with the Canaries Trust and would like to thank their shareholders and members for their ongoing support.
“The Trust continues to play an important role in representing supporters and we are pleased that this transaction will help secure its future.
“The Community Sports Foundation’s work has a positive impact on thousands of people every year, and we are proud that this deal will help support that mission.”
