Fifty selected individuals and businesses have been offered 10,800 "B preference" shares at £100 each – which could raise £1.08m.
And all of the club's members and season ticket holders will today receive
a letter offering 48,000 ordinary shares at £25 each, which could raise £1.2m if they are all sold.
Last night, club executives promised that every penny raised from the shares sell-off would go to manager Nigel Worthington to spend on players to boost City's promotion push.
The offer is a tantalising one for supporters, who could see their investment paying for more exciting Premiership players following the success of the three current loan signings – Darren Huckerby, Peter Crouch and Kevin Harper.
The need to reach the Premiership this year is made more desperate by a shocking set of accounts for 2002-03, which will hit shareholders' doormats today.
They show that the Canaries lost £4.6m in the year up to May 31 as the on-going impact of the collapse of ITV Digital and Norwich's failure to make the play-offs last season wiped £4m from the balance sheet.
The latest loss, which follows a £400,000 profit in 2001-02, puts City's overall debt at £8m – or £15m when the cost of the new South Stand is taken into account.
Chief executive Neil Doncaster warned that the situation could get much worse in the next year.
And club chairman Roger Munby said: "Unless we can balance our finances and bring our expenditure down to where we can reasonably expect our income to be, we will be risking the long-term viability of the club."
Michael Wynn Jones, who, along with his wife Delia Smith is the majority shareholder at Norwich City, said the club's effort to sort out the finances was "a long haul".
He said: "If we thought there were quick answers to this we would produce them – but there aren't. It requires a huge amount of work.
"I firmly agree that the club's strategy is right – not to live beyond our means but equally to try to balance that with improving our squad at every opportunity.
"Delia and I completely support these share offers. We keep our fingers crossed that Nigel Worthington will have something to play with at the end."
Despite the problems, Mr Doncaster moved to reassure fans that the club's future was secure.
He said: "The situation is manageable within the First Division. We budget to be a mid-table team and to go out of the cup competitions at the first stage. Anything else is a bonus. On that basis the club debt is manageable."
Mr Doncaster also said the Canaries were on course to get their outgoings down to the level of their income in the next few years.
If the situation becomes any more bleak, board members have agreed to stump up a total of £1m in loans.
The club has also switched its bank accounts from Girobank to the Bank of Scotland, with an increased overdraft facility.
Mr Munby said: "The loss reflects the huge financial pressures on Norwich City in particular and on clubs outside the Premiership in general.
"However, we find ourselves in the top six of Division One and with a realistic chance of promotion this season.
"The board has received approaches from shareholder groups and supporter groups encouraging us to raise funds for the manager's playing budget.
"We believe from individual discussions that there may be an appetite for a further share issue and accordingly we have resolved to make shares available to members and season ticket holders.
"The board strongly believes that this is an excellent opportunity for the club to turn to the generosity and commitment of its supporters to make this offer successful and that the club will benefit greatly from the funds generated."
(Story From www.pinkun.co.uk)
This in my opinion is positive news. However we have also announced losses of 4.6 million in the last year. You have to wonder what situation football is in if a well run, organised club like Norwich, is in debt by 4.6 million.
Could this be the Huckerby and Crouch fund? Not necessarily. I'll certainly be dipping into my pockets to buy a share and I hope the rest of you do the same. we are all part of this football club and can help produce a bright future.
On the ball............
Keep The Faith