Norwich break off takeover talks with billionaire Cullum

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The 57-year-old executive chairman of the Towergate Partnership, who is ranked in the top 40 of Britain's rich list, last week announced he was prepared to plough £20million into the Carrow Road side.

No deal: Peter Cullum

Norwich responded by telling the Norfolk-born billionaire it will cost £56million to take over, and majority shareholders Delia Smith and her husband Michael Wynn Jones opened formal discussions with Cullum earlier this week.

But a statement released by the club said: 'Despite the very best efforts of both sides and following a number of amicable discussions, Peter Cullum and the directors of Norwich City Football Club plc have been unable to agree a mutually acceptable basis upon which they can meet the stated objectives of Peter Cullum whilst still ensuring compliance with the current legal and contractual obligations of the club to its stakeholders, and delivering a solution that the directors of Norwich City Football Club consider to be in the best interests of the club and its stakeholders.

'Accordingly, all negotiations have been terminated with immediate effect.'