Town chairman David Sheepshanks has announced that he and club chief executive Derek Bowden met with millionaire businessman and gambler Colin Davey yesterday. Davey failed in a bid to takeover Norwich City earlier this week and turned his attentions to Town.

Sheepshanks said: "Derek Bowden and I met with Colin Davey yesterday. We had a constructive conversation covering a range of issues including sponsorship, joint ventures and potential investment via our share issue."

Town's share issue limits any one investor from taking control of more than 15% of shares, so it is unlikely he would get his wish of owning a club via this route.

The Bury St Edmunds-based 38-year-old admits to being a Norwich supporter and wanting intially to take control of the Canaries.

He recently offered Delia Smith and Michael Wyn Jones £5 million for their majority stake in Norwich City, but the TV cook and her husband turned it down.

Davey made his money through various ventures including a racing tipping. Aspects of his business dealings have been investigated by Trading Standards, the Advertising Standards Authority and the Citizens' Advice Bureau.

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