A joint statement on the club's website set out the situation in no uncertain terms:
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.