Canaries tell billionaire to up his offer

Norwich have told businessman Peter Cullum it will cost £56 million to buy the club.

The 57-year-old, ranked in the top 40 of Britain's rich list, admits he made an informal offer in October last year.

Despite talks breaking down, Cullum has stressed his bid still stands and he would look to keep joint majority shareholder Delia Smith on board as the "figurehead and icon".

But the Carrow Road club dismissed his approach by saying they had not received a "financially viable" offer.

A statement from Norwich read: "When evaluating any potential investment in Norwich City FC we look at the individual, we look at what they want to achieve and we look at the financial viability of their proposition.

"In the case of someone seeking to take control of the club and at the same time invest £20million in the playing squad this would take a minimum of £56million."

The figure includes £16million to buy up shares at the current issue price of £30 each, £16 million to pay off the club's bank debt, which would be called in if a takeover went through, and £4 million to repay loans from directors.

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¹ Video report: Billionaire to make major investment in City?

¹ Video report: Rick Waghorn on the deal's potential pitfalls

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