McNally - No knee-jerk reaction to �2m transfer windfall

Canaries chief David McNally says there will be no 'knee-jerk' reaction in the transfer loan market after City's �2m cash windfall.

Vice-chairman Michael Foulger's share purchase has added to manager Paul Lambert's kitty, but McNally says it won't burn a hole in his pocket.

'We don't do anything in a knee-jerk fashion,' said City's chief executive.

'Paul is very comfortable with his squad. We've got eight players out on loan at the moment and yet we still have 22 senior footballers at the club plus a host of young professionals, so Paul is very happy with the squad.

'It is on record that there was only one target that we missed out on in January. Paul had always said that he wanted four players in – we ended up getting three, plus extending Henri Lansbury's loan to the season end, with no call-back provision. The guy from Brighton (Elliott) Bennett, was the only one that got away, as it were.

'When Michael came to us with the idea of further investment there were things that were really important to us,' he told Radio Norfolk. 'Firstly, it had to represent good value for money to the football club, and so we ensured that was the case.

'His investment had to be in shares, equity. Why is that important? Because shares are a true investment in the football club. They're not loans so they don't affect the indebtedness of the footbal club, so there is no negative impact on the balance sheet.

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'The other thing we were all completely and utterly unanimous about was that the money needed to be ring-fenced for the first team squad. Whether it was spent in January or in the emergency loan period or indeed next summer or indeed a subsequent transfer window, that money is guaranteed to be focused on nothing else but the first team squad developing.'

Foulger confirmed that the �2m was available to Lambert during the January transfer window.

'It is a lot of money but it is earmarked solely for strengthening of the playing squad,' said Foulgar. 'Everyone is happy with that and it was available in January if it had been required for the transfer window. History will say any time someone knows that there is an investment in the club the price of any potential player could increase.

'With 16 games left, the team sits in a good position. I am very happy with Paul and I am happy to back him and, yes, hopefully this can kick us on to move forward and hopefully promotion.'

Foulger's investment in new shares has increased his shareholding to 15pc, while that of joint owners Delia Smith and husband Michael Wynn Jones has gone down from 61pc to 53pc, and McNally was quick to praise the long-time owners.

'Michael Foulger, along with Delia and Michael Wynn Jones, throughout the last 18 months or so of financial crisis, have backed the club time and time again to ensure that we are as competitive as we can be on the football field whilst we battle to put right some of the financial problems that we have,' said McNally.

There was praise for Foulgar's action from Norwich City Supporters' Trust.

'This type of investment from wealthy individuals who are steeped in the heritage of the community and the club is exactly what football needs,' said Trust Board secretary Mike Reynolds. 'It would be nice to think that there were other wealthy Norfolk business people who also recognised the importance the football club has within the community it serves and would be willing to become large shareholders.'