Canaries' review is cause of annual meeting delay
Norwich City directors have ordered a 'rigorous review' of the way the club is run - and have delayed the annual meeting to enable it to be completed. Shareholders have been informed that the meeting, on Monday, November 30, at 2pm, will deal with only one piece of business, the proposal to adjourn it until Tuesday, February 2 (7.
Norwich City directors have ordered a “rigorous review” of the way the club is run - and have delayed the annual meeting to enable it to be completed.
Shareholders have been informed that the meeting, on Monday, November 30, at 2pm, will deal with only one piece of business, the proposal to adjourn it until Tuesday, February 2 (7.30pm).
The club has issued a statement explaining why it is seeking to postpone the meeting.
A City spokesman said: “The new board of directors has instructed a rigorous review of the way the football club operates, which is ongoing.
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“Some significant changes have been made and are still being made - and as a result the annual meeting will be adjourned until February 2.
“This gives us the time to continue with the restructuring of the business and will enable us to give a much clearer overview to our shareholders when the annual accounts are produced prior to February's meeting.
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“In the meantime, all of our efforts will continue to be focused on doing everything we can to support Paul Lambert and the first team, while working to address the financial challenges facing the club.”
With the introduction of chief executive David McNally, Alan Bowkett and Stephan Phillips to the board during the summer, it is understood the Canaries are looking to restructure some of their �18.8m net debt, while the way the club is run is still under review following relegation from the Championship in May.
The football club is also delaying publication of its annual accounts until before the meeting, although they are due for submission to Companies House by the end of this month.
Directors Michael Foulger and Michael Wynn Jones come up for re-election at the meeting, while shareholders will also be asked to confirm the election of Bowkett, Phillips and McNally.
Meanwhile, City appear to be slipping down the list of clubs on the radar of David Sullivan and the Gold brothers, Birmingham City's former owners, as they look to pump their millions into a fresh football challenge.
There had been suggestions the trio would ride to the rescue at Carrow Road should plans to take over their first choice, Premier League club West Ham United, fall through.
But City's League One promotion rivals Charlton Athletic have emerged as Sullivan's preferred Plan B, with Crystal Palace another possibility.
Sullivan has said confidentiality agreements he signed with a number of clubs means he cannot talk about which moves he is considering, but David Gold has effectively ruled himself out of any move north of Hertfordshire.
Gold said: “I am taking my time before I come to any sort of decisions. I am interested in big clubs and I consider Crystal Palace to be a big club. It is the club closest to my home.”