City business chief ‘massively thankful’ to bond investors as Colney work takes shape
- Credit: Copyright: Archant 2018
Building work to revolutionise Norwich City’s training facilities at Colney is entering its final months, as the benefits from the club’s successful £5million bond scheme start to be felt.
The Canaries’ business and project director, Zoe Ward, has updated supporters on the progress of the work almost a year on from the Canaries Bond reaching its £5m threshold for the work.
Work has already been completed on facilities including new pitches, a new irrigation system, cameras to help with analysis, floodlights and a pitch-side stand so that around 200 fans can watch academy games.
Work on the main buildings is also taking shape, with the roof due to go on in the next fortnight, where all academy activity will be based with classrooms, physio rooms, changing rooms and offices for coaches and staff, as well as a new gym alongside the main building – replacing the temporary structures currently in place.
“The improvements that were made to the pitches have been fantastic and we cannot wait for the rest of Colney to reach the same standard,” Ward told City’s website.
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“We still have a huge amount of work to get done in the short term, but with the great team of builders, architects, project managers and everyone involved giving it all they have got, we are looking forward to the sense of achievement and satisfaction when it is ready.
“We are massively grateful to our Canaries Bond Holders who have enabled all of this work to be possible.”
A total of 735 investors indicated they were keen to participate in the five-year, fixed-term bond scheme, which surpassed its initial £3.5m target to hit the £5m threshold, without the need for the planned public launch.
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Investors are due to receive eight percent interest per annum, made up of 5pc cash interest and 3pc club credit – as well as a one-off promotion bonus of 25pc if the club is promoted to the Premier League within the term of the bond.
With the majority of the work on schedule for completion by the summer, staff will then begin moving out of the portable buildings, which will be removed to allow for landscaping work to be carried out, including new car parking facilities.
Ward, who works in conjunction with sporting director Stuart Webber and chief operating officer Ben Kensell as part of the club’s executive committee, added: “All staff and players have been hugely patient this season, and we hope they will be pleased when they return for pre-season in the summer.
“There will still be work taking place, but this will be largely landscaping and exterior work.”