7/14/2008

Time for some Norwich City fans to grow up

Imagine a situation whereby two people stick £20 million of their £30million fortune in to a business. Basically, they have put two thirds of everything they own on the line to save what is a vloundering business which they know they will never get an investment return from.

Now imagine a businessman worth £1.7 billion comes along, he says he wants to stick £20 million in to that business but is not prepared to pay couple in full for the £20 million they invested in the business in the first place. Instead, he wants them to make a loss on the venture.

Then this very rich man withdraws his offer and lets the customers of this business hound the couple through the media in an attempt to make their lives so miserable that they will sell for a loss and people will forget the enormous debt they are actually owed.

Now put this in to context.

As I see it Michaee Wynn Jones and Delia Smith saved Norwich city from going to the wall several years ago. The club was minutes from being closed down by the banks and they, along with many others, saved the club. Since then Norwich have relied on Delia's money and Delia's name in order to keep going whilst Delia and her husband pour millions on to the club, in fact two thirds of their money, in order to keep the club going.

Then along comes Peter Cullum, a man worth £1.7 billion. Now he does not want to spend two thirds of his money on the club. He claims he wants to invest £20million as a cash injection in to the club BUT does not appears to want to pay Delia and her husband back the full value of their shares (and significant loans). Instead, this very rich man wants Norwich on the cheap.

Now Norwich fans are hounding Delia and her husband thorough the press, they are trying to make her feel pressured in to selling and forget that she has invested most of everything she owns in the club when others failed to do so. These fans want Delia to sell, at any cost to her, and knowing she will not get back all her money, because a very rich man wants to put a tiny amount of his money in to the club.

Really, some Norwich fans should be ashamed of themselves.

2 comments:

Alexfromnorfolk said...

Delia has with the help of others created a club respected across the land. A small but very smart ground and great facilities (God that hurt!)

The problem is that for some time City have been going backwards. Its not her fault or the managers. Its simply to compete you need a lot of cash. I know cause Town did what City were not prepared to do....Gamble and it failed.

There just comes a point when inward investment must be obtained and Cullum seemed that man. True his demands may have fell short of the boards requirements, but if I was to invest 20m I would want a fair bit of control.

Should the fans be ashamed? No, again It hurts but Norwich have the most LOYAL fans in the U.K.
They think they deserve better. The reality is they feel like most other club supporters.

Delia just wants back what shes put in, truth is that will never happen and therfore City will stay as they are until Glen pulls a rabbit from a hat or 23 other teams have 46 bad games each.

Anonymous said...

I'm a passing reader and not a Norwich City fan, although Norwich itself is very nice.

However I disagree with the above blogger and am more inclined to agree with the Norfolk Blogger himself.

Usually when a football club has debt attached to it and there is a possibility of a takeover, the bidder will buy the club for a nominal fee (sometimes as less as a £1) with the understanding that they take on and clear the debt that is attached to the the club.

It is highly unprecedented to expecty the owners to clear the debt first, which in most cases they would be unable to do (and as Norfolk blogger explains would be most of Delias wealth).

It is the reality that Cullum is pursuing an aggresive takeover trying to aquire the club for the smallest fee possible. When I first read about Cullum on the BBC Sport Website it highlighted to key areas 1, he was a long term Norwich fan and 2, he was a Billionnaire.

With that being the case I think Norwich City fans should consider why this man is unwilling tom take on the debt attached to the club. If he is going to be a significant investor that will take you into the premiership than it should be a very minor issue.

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