Beaten Town files for administration
IPSWICH Town admitted they had been beaten today after they filed for temporary Administration.Chairman David Sheepshanks read in a statement in the club's board room that they had been beaten by circumstances utterly beyond their control.
IPSWICH Town admitted they had been beaten today after they filed for temporary Administration.
Chairman David Sheepshanks read in a statement in the club's board room that they had been beaten by circumstances utterly beyond their control.
They applied to the High Court in London today to file for Administration with a view to achieving voluntary agreements with the creditors' within eight weeks. These creditors include suppliers and George Burley, who is still on the club's books because they are not in a position to pay him off.
Sheepshanks said that relegation, the demise of ITV Digital and the introduction of new transfer windows made their financial woes worse.
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He said the ultimate solution to the club's financial crisis would now be promotion to the Premiership.
"We deeply regret this action and the pain that will be felt by our creditors and suppliers, including many that are local and of long-standing. If there had been a better alternative we would surely have taken it.
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"The directors have a clear legal responsibility to protect the interests of all creditors, which we have sought to do within the confines of propriety.
"It is also, of course, our absolute responsibility to guard and protect the livelihood and future of this football club, for shareholders, employees, supporters, stakeholders, the people of Ipswich and our community at large, which this action is also designed to accomplish."