Canaries cash crisis as millionaires quit board

THE financial security of Norwich City was in the balance today as it emerged that millionaires Andrew and Sharon Turner have stepped down from the board.

THE financial security of Norwich City was in the balance today as it emerged that millionaires Andrew and Sharon Turner have stepped down from the board.

The joint owners of financial services business Central Trust quit the board two weeks ago, at a time when their firm is being hit by the global credit crunch.

There are fears that the couple will want to recover the £2.5m in interest-free loans they made to the club.

And, more worryingly, their promise of investment in the Canaries this season, which has been budgeted for by club chiefs, could be in serious doubt.

If the money is not forthcoming, it could mean backroom redundancies and a frantic bid to cut the current £10m wage bill for playing staff.

Mr Turner, whose sub-prime mortgage business is valued at £275m, said: “It is true. It happened two weeks ago and it is a sad moment for us, obviously, but we are making no further comment.”

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The couple, lifelong fans of the club, got involved when they bought the 5,000 shares of vice-chairman Barry Skipper, who stepped down from the board after 10 years last year.

In a statement, joint majority shareholders Delia Smith and Michael Wynn Jones said: “We would like to place on record our thanks to Andrew and Sharon for their hard work and endeavour since they joined us and their interest-free loans to the club totalling £2.5m.”