Norwich have told businessman Peter Cullum it will cost £56million to buy the Coca-Cola Championship club.
The 57-year-old, who ranked in the top 40 of Britain´s rich list, admits he made an informal offer in October last year and has stressed his bid still stands, saying he would look to keep joint majority shareholder Delia Smith on board as the "figurehead and icon".
But Norwich dismissed his approach, saying in a statement: "When evaluating any potential investment 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 £56m."
Copyright (c) PA Sport 2008, All Rights Reserved.