NEWS

Cullum suprise at Canary talks refusal

Billionaire businessman Peter Cullum last night said he was “at a loss” at Norwich City board members' refusal to meet him to discuss his £20m offer to bankroll a Premier League promotion push.

While the chairman of the UK's biggest independently owned insurance company Towergate has stopped short of pulling the plug on potential investment in City, Mr Cullum appears to becoming increasingly frustrated.

City chiefs remained unwilling to speak publicly about the increasingly complex saga last night - but the EDP understands no discussions will be held with him until he makes a formal offer for Delia Smith and Michael Wynn Jones' shares.

Mr Cullum's representatives have had contact with board member Andrew Turner - but not directly with Delia and Michael since last year when Mr Cullum made an initial offer which was deemed “unacceptable.”

The news of the growing impasse will be met with disbelief by tens of thousands of City fans who had seen the “Cullum cash” as the only real chance of getting the shot in the arm needed to challenge in today's mega bucks football world.

They are asking: “Where else is the money going to come from?”

Last night Mr Cullum said in a statement: “I'm surprised and at a loss as to why the Norwich City board has not accepted my offer to sit down with them next week to progress this matter further. My offer of investment was focused on buying new players to give Norwich City a fighting chance of returning to the Premiership.

“This was a potential lifeline for the club coupled with a great opportunity to be a contender for next season. The alternative is the prospect of another season fighting against relegation to the First Division. With the new season just around the corner, it's vitally important that we conclude this matter soon for the sake of the manager and fans who deserve better in general.”

The EDP exclusively revealed on Monday that Norfolk-born Mr Cullum - who has supported City for more than 50 years - made an informal offer last October when City were five points adrift at the bottom of the Championship. But talks did not progress and there was no more contact after the turn of the year.

He re-iterated his willingness to invest and become majority shareholder.

Mr Cullum said he wants Delia to remain as the club's “figurehead and icon” although he would want his own people involved on the board.

The club has said he would need to invest a total of £56m to buy up shares at the current issue price of £30 each, pay off the bank debt, repay loans as well as buy players.

Message boards have been flooded with hundreds of postings since the EDP broke the news of Mr Cullum and almost 90pc of fans have voted on an EDP24 poll to get him involved with the club.

Last night John Tilson, Norwich City Independent Supporters' Association chairman, said: “Based on what Peter Cullum has said in his statement, I am amazed that Norwich City Football Club are not anxious to sit a table to talk with him and see what he has got to say.”

He said Mr Cullum “ticks all the boxes” as a perfect investor.

“What more do they want? There are not many other people with £1.7bn who want to invest in Norwich City.”