In a statement on the club's official website, the board outlined how Peter Cullum's supposed £20million offer to fund player sales was not realistic and, because of the vagaries of the club's financial structure, a total of £56million would be required to finance such a spree on the playing staff.
Cullum, a Norwich supporter and billionaire, had spoken of his desire to be involved but, as has been pointed out by some commentators, he seemed surprisingly fanciful about the realities of investing in a PLC for someone who ranks 40th in Britain's Rich List.
Quite how the bare faced nature of the Canaries' board's declaration will affect the club's summer plans, which have to include significant spending to bolster manager Glenn Roeder's threadbare playing squad and backroom staff.