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Canaries come at a cost

Norwich set takeover price

Last Updated: 01/07/08 9:43am

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

The businessman, who is ranked among the top 40 on Britain's rich list, made an informal approach in October last year but was subsequently knocked back.

Despite those talks breaking down, Cullum remains interested in launching a takeover and has expressed his desire to keep joint majority shareholder Delia Smith on board as a "figurehead and icon".

However, the Canaries insist that the figures currently on offer do not match their valuation and have made it clear that no deal will be discussed until they receive a 'financially viable' approach.

Investment

A statement from the club 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."

That figure includes £16million to buy up shares at the current price of £30 each, a further £16million to clear the club's bank debt, which would be requested should a takeover go through, and £4million to pay off loans from directors.

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