Delia Smith and husband Michael Wynn Jones will cut their stake in Norwich City to 10% and step down as directors next year.
They have reached an agreement with American investors Norfolk FB Holdings, who currently match the 40.4% owned by the couple, to increase their holding to around 85%.
The group are led by Milwaukee Brewers owner Mark Attanasio, who first joined the Canaries’ board in 2022.
The deal is subject to board and shareholder approval and will go through on 1 March, 2025 if agreed.
More to follow.