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15-15. Things just got even more interesting.

So, Peter Cullum wants to plough £20m into the Canaries. Almost immediately the questions started – but not the questions that the EDP asked – people asked sensible questions like “how would that work then?”, and pointed out the possible complexities.

Have we found our latest and greatest saviour? Not yet, and not for £20m according to the official club statement which appeared on canaries.co.uk earlier this evening.

There’s clearly some pretty public posturing going on, and I have to say I kind of like the stance taken by the club here. Cullum’s statement of intent has understandably whipped up a bit of a storm with supporters, but the club appear to be saying something along the lines of “ok big boy, if you want to play it’s going to cost you £56m – and that goes for anyone else interested as well”.

It looks very much like “money where your mouth is” time, so come on Mr. Cullum. If you’re serious cough up the dough. You won’t regret it. 🙂

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Discussion

9 thoughts on “15-15. Things just got even more interesting.

  1. ….and its soon to be game set & match to Cullum, he is playing a smart game

    Posted by iain | June 30, 2008, 9:29 pm
  2. Heres a post i wrote on 606:

    “Norwich City will, at present cost £36 Million pound in an entire takeover.

    Purchase of shares based on current share issue price of £30 per share £16 million*
    Repayment of bank debt that would be triggered by a change of control £16 million
    Repayment of directors’ loans £4 million
    TOTAL £36 million

    This will amount to £56 Million, which will be optional on the behalf of the investor, if £20 Million transfer money takes physical form. (I personally believe Delia sees this as a requirement for an investor to show they have their heart in the club)

    In the current proposed takeover, it is believed Peter Cullum would realise that the latter 2 payments are a requirement if he were to take over the club (i.e. take a 30% stake or above in the club). However, what is currently preventing a takeover of the club, is a dispute over the prices of shares.

    A complete, 100% purchase of the club is said to be in the region of £16 Million, with £30 per a share, according to the Norwich city board. Now it’s most likely Towergate owner, and potential Norwich city investor, Peter Cullum firmly believes the club is not worth £30 a share, but is less, causing dispute between Cullum and the board. And this is the sole prevention of any takeover right now.

    If Cullum were to take over it is clear that his involvement would be of great benefit to the club. It’s finances recieved by the board that is in question.”

    This what i believe to believe to be the current status of the takeover.

    Posted by John | June 30, 2008, 10:15 pm
  3. This “official club statement” is amusing. Quite frankly, it’s laughable to try and scare off a man with a personal wealth of £1.7 billion (read that again and try not to blink – £1.7 BILLION!)

    We appear to have hit the jackpot, ladies and gentlemen.

    I still can’t believe this is really happening. Pinch me, I must be dreaming…..

    Posted by Andy | July 1, 2008, 12:17 am
  4. lol I have trouble believing it as well when i look at that massive sum.

    I get this horrible, niggling feeling that it will never happen. Why? I don’t know, just can’t believe anything like this would happen to US myself 🙂

    Posted by John | July 1, 2008, 9:38 am
  5. Peter only has the interest of Norwich City in mind. He has an emotional attachment to the club and always has, and he knows that the chances he would make any money from this investment are minimal. Supporters should keep in mind that it is the current owners and creditors/directors of the club who want to bid up the price so that they can cash out of a bad financial investment. Don’t think that they are trying to negotiate a higher price for the sake of the club; it’s for the sake of their wallets. Well, they had their chance and look where they have brought the club. Once Peter has a chance to look at the books, he can better assess the real value of majority ownership. That may turn out to be more than 20 million or it may be less! Peter is the best bet for a club that has ambitions to get to the Premier League and stay there. You can help. Call on the directors to open the books to Peter so that we can get this process moving. On the ball City!

    Posted by David | July 1, 2008, 1:52 pm
  6. Hi David (13.52)

    You sound as though you know what’s going on. So……what’s going on? *smiles*

    P.S. Please tell Peter that he’ll have to make it REALLY worth my while to sell my substantial share block in NCFC (5 shares) Tell him to open up at about a tenner, I’ll haggle for twenty quid, we’ll close at about £14.50. This could be the deal clincher David! Get Peter on the phone, let’s do business……

    Posted by Andy | July 1, 2008, 3:52 pm
  7. Andy, I know Peter well but I’m not an insider. I do know that Peter will be the best thing that ever happened to the Canaries. I’m sure that you wouldn’t care how much you got for your 5 shares if the club were guided by someone who will put in at least 20 million to buy good players. Peter didn’t get where he is by being silly with his money but he is Canaries through-and-through. Delia and the others threw good money after bad and are desperate to recoup at least part of their investment. Remember, the PLC may even be insolvent right now, so if they stretch this out for a few pennies more, they are really doing the club a disservice. Let Peter see the books so he can understand the true value and do the deal at a fair price.

    Posted by David | July 2, 2008, 3:13 pm
  8. Hi again David, thanks for that. I think it’s fair to say that Peter will be welcomed with open arms by the fans. Let’s put it this way, I haven’t spoken to any fellow City fans who’ve said: “Britain’s 40th richest man, with an estimated personal fortune of £1.7 billion wants to buy our club? No thanks, I’d rather keep bumbling along at the bottom of the Championship getting tonked at home by Donny Rovers”.

    He will be, as you said, the best thing ever to happen to this club. Not only is he a genuine fan, he’s got the financial clout (a slight understatement there!) to be able to make a difference. What a wonderful feeling that must be for him, to know that he can actually do that.

    I can’t see how Delia and MWJ can possibly refuse to let this take-over happen. We’ve heard over and over again from the board that they will not allow the “wrong” type of investment into NCFC. Quite right too, I wouldn’t want a, say, Marcus Evans type individual having sole control of my club. He’s found just the right club for him, I’m sure they’ll be very happy together.

    But Peter Cullum, if we take Delia’s wish list for the “perfect” man to take this club forward, ticks all the boxes. He’s a Norwich man, born and bred. He’s got impeccable business credentials, and has been a tremendous success at everything he’s attempted in life. He’s a genuine lifetime Norwich City fan. Oh, and he’s potentially worth £4 billion. What’s not to like? *smiles*

    My guess is that the biggest stumbling block will be the emotional involvement of the current majority share holders. It seems like Peter has already taken that into account with his offer to let them stay on in a figurehead position. It seems a very generous and kind offer to me, one that he didn’t need to make and one that many others wouldn’t. I would say that Delia and MWJ would be very wise to do this deal, and to do it quickly. It’s a no brainer, really. And I think they know it.

    We certainly do.

    Posted by Andy | July 2, 2008, 5:21 pm
  9. Andy, I think you’re spot on with your analysis and I think the pressure on Delia and Michael will only increase. As you say about Peter, he ticks all the boxes. It’s a no-brainer. I agree with you that this is an emotional matter for the Smiths. It’s like having to sell your house for less than you paid for it. People are always reluctant to sell without recovering their investment even if house values are still heading downward. Let’s hope this moves quickly.

    Posted by David | July 3, 2008, 12:59 pm

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