City's £2m boost
CHRIS LAKEY One of East Anglia's richest couples have joined the board of Norwich City Football Club - ensuring manager Peter Grant doesn't have to sell players in the summer.
One of East Anglia's richest couples have joined the board of Norwich City Football Club - ensuring manager Peter Grant doesn't have to sell players in the summer.
Andrew and Sharon Turner, owners and directors of Norwich-based personal finance giants Central Trust plc, immediately handed over a £2m interest free loan which, says the club, means Grant can keep the family jewels.
The Canaries are around £20m in debt, but the Turners' involvement gives them breathing space to prepare for next season, the first without the parachute payments which the club received after relegation from the Premiership in 2005.
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“The board was faced with a £2m cash shortfall next season which would have had to have been financed through the sale of players,” said chairman Roger Munby.
“This is now no longer the case and the manager can enter the summer transfer window with a lot more strength and confidence as a result.
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“We all very happy about this development and the prospect of working with Andrew and Sharon to advance the Canary cause is a tremendously exciting one.”
Grant can now go about assembling a squad to compete for a return to the top flight knowing there is no need to sell off his most valuable asset, top scorer Robert Earnshaw, simply to finance his rebuilding plans.
Mr Turner is sixth on the East Anglia Rich List - although he has dropped to 263rd nationally - and said to be worth £275m.
“We are delighted and honoured to join the board of Norwich City Football Club and very much looking forward top working with the other directors in driving the club back to the Premiership,” said 48-year-old Mr Turner.
“We are excited by the challenge and can't wait to get to work with the directors and executives.”
The Turners have bought 5,000 shares owned by Barry Skipper, who steps down after more than 10 years on the board but becomes a life vice-president.