Kent insurance billionaire Peter Cullum and football club Norwich City have ended talks over Mr Cullum's bid to become the majority stakeholder.

Norfolk-born Mr Cullum, executive chairman of Maidstone-based Towergate, had offered £20 million to the club, but joint majority shareholders Delia Smith and husband Michael Wynn Jones had turned it down, saying £56 million would be needed.

A joint statement from the club and Mr Cullum said: "Despite the very best efforts of both sides, and following a number of amicable discussions, Peter Cullum and the directors of Norwich City Football Club PLC have been unable to agree a mutually acceptable basis upon which they can meet the stated objectives of Peter Cullum, whilst still ensuring compliance with the current legal and contractual obligations of the club to its stakeholders, and delivering a solution that the directors of Norwich City Football Club consider to be in the best interests of the club and its stakeholders.

"Accordingly, all negotiations have been terminated with immediate effect."

Towergate employs 250 in Kent.