Chairman Darragh MacAnthony has revealed an £800,000 deal with an unnamed club - Championship rivals Blackpool were chasing the midfielder hard in January - has now fallen through because Norburn faces upto nine months on the sidelines with a serious knee ligament injury.
That was money to be used to strengthen the playing squad for an anticipated League One promotion push next season, but MacAnthony is determined to work around the problem and bring at least 2-3 new players to London Road in the summer.
There will also be sales as Posh try to wheel and deal their way through the summer. A League One midfielder will be watched by a scout this Saturday, while Hull City attacker Mallik Wilks - who has played for current Posh boss Grant McCann at Doncaster and Hull - has been linked with a move to the city. Wilks (23) is out of contract at the end of this season.
“I’m gutted for Ollie,” MacAnthony said on the latest edition of his ‘Hard Truth’ podcast. “I’m gutted for the team who will miss an influential player and I’m gutted for the club because we had an £800k deal lined up for him. That’s not me being heartless because I feel for the player who wants to rejoin his family up north.
“That money would have gone towards rebuilding the squad. We will work around it and it’s my job to navigate a way through the transfer market to bring success back to the club. The transfer department has done a great job over the last two years to help the club through a horrible couple of years financially with hardly any income.
“There will probably be a couple of sales, but we will be looking to bring two or three new players in. I am sending a scout to see a young player in a meaningless League One game on Saturday to see what his attitude in such a game is like.
“We obviously need central midfielders as we only have Jack Taylor and Jeando Fuchs in there and we need to sort the goalkeeping situation out. We need a new one.
“Defensively the players we have might just need a shot of confidence. The majority of the defenders at the club know how to win promotion from League One.”
Posh have players on their books they believe they could sell for millions, notably England youth international defender Ronnie Edwards who has impressed at Championship level this season.
Meanwhile Norburn has thanked Posh fans for their messages of support as he begins his rehabilitation.
Norburn said: “Gutted my season has been cut short. It’s a long road ahead, but I’m already determined to be back fitter and stronger. Thanks to the fans for their continued support in what has been a difficult season.”