11 Jul 2008Takeover talks over at Norwich

Football Clubs News | Football Finance News | Football Referees, Players, Managers and Media

Negotiations between Norwich City and billionaire businessman Peter Cullum have broken down after they were unable to agree a deal for Cullum to takeover the club.

Talks had resumed this week after the Norwich board had indicated a willingness to speak to Cullum.

But a joint statement, issued today (Friday), revealed that "amicable discussions" between the two parties had ended without success.

The statement said that both parties were unable to agree a deal, saying a takeover would not be in the best interests of shareholders and the club.

"Accordingly all negotiations have been terminated with immediate effect," the statement read.

Neil Doncaster, chief executive of Norwich, said that the negotiations had hit a snag over legal issues and the cost of shares.

Speaking to BBC Radio Norfolk, he said that he wished the approach had given Glenn Roeder more funds in the transfer market.

"What we all want is for more money to be made available to Glenn for his player budget," he said.

© Copyright