Apology to creditors

DESPITE the team missing out on the promotion play-offs this month will still be crucial in the future of Ipswich Town Football Club, chairman David Sheepshanks said.

"I am very pleased that our creditors have overwhelmingly agreed to accept the voluntary arrangement put before them to today," said Mr Sheepshanks.

"This now enables us to move forward to the recovery stage, allowing us to attract new investment and Joe Royle to build a team that can challenge for promotion to the Premiership."

"I regret terribly the hardship that our creditors have suffered and, on behalf of the directors and the club, I can only apologise again for the pain they are suffering," he said.

"We tried by all means to avoid administration in the face of unprecedented and adverse circumstances. Subsequently, we have sought to gain the best deal for all creditors and avoid what may have been a simpler alternative of forming a new company which would have left everybody worse off."

Mr Sheepshanks thanked creditors for backing the CVA, and also the club's fans for the loyalty they had shown, with 26,000 turning out for the last home match against Wimbledon even when the chance of promotion had all but gone for this season.

He said the administrators and directors were confident that the business plan now in place was "robust" although the agreement of the CVA was by no means the end of the process.

"Today's acceptance of the CVA is good news and a major step forward in reviving the fortunes of Ipswich Town Football Club but there is still a great deal of work to be done," said Mr Sheepshanks.

"The next few weeks are pivotal for the club's future. It is now imperative that we attract strong support for season tickets, debentures, commercial sponsorships and investment in the club.

"This is vital to underpin our business plan and to satisfy the requirements of the Football League."