Delia Smith has agreed to a meeting with Peter Cullum

Norwich City have revealed that takeover talks with billionaire fan Peter Cullum have ended.

The chairman of Towergate Partnership had an initial �20m offer of investment in the Canaries turned down.

A Norwich statment read that "amicable discussions" had taken place between Cullum and majority shareholders Delia Smith and Michael Wynn Jones.

But after no agreement was reached, Norwich revealed "negotiations have been terminated with immediate effect".

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The Norfolk-born 57-year-old, who is ranked in the top 40 of Britain's rich list, was told it would cost him �56m to take over, and even though formal talks took place, negotiations have now broken down.