Norwich end Cullum talks
Friday 11 July 2008
Norwich have broken off negotiations with billionaire Peter Cullum over a possible takeover of the Coca-Cola Championship club.
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.
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 on the club's website www.canaries.co.uk 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."
Latest in Sport
VIDEO: Did Marcos Maidana bite Floyd Mayweather during their bout?
Arsenal vs Manchester City: How did Danny Welbeck do on his Arsenal debut?
Manchester United vs QPR comment: Glimpse of Radamel Falcao lifts United hearts but Daley Blind keeps things ticking
Hull City vs West Ham preview: Sam Allardyce backs Alex Song to inspire new team-mates
Manchester United vs QPR player ratings: Who was the star man? Angel Di Maria? Daley Blind? Wayne Rooney?
- 1 Lego breaks out of the toy box and heads for the gallery
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Grandmas keep accidentally tagging themselves as Grandmaster Flash on Facebook
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
George Galloway on Scottish independence: The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Scottish independence: Britain faces 'constitutional crisis' at next election
£23m Birmingham cycle scheme is attacked by Tory councillor for not catering to the elderly