End of troubles nearing for Blues
TODAY is the day Ipswich Town's administration blues could end.But tomorrow, and the days ahead are still likely to be testing times for the club which got in to such dire financial straits that the administrators were called in and legal moves were made to keep the business running.
TODAY is the day Ipswich Town's administration blues could end.
But tomorrow, and the days ahead are still likely to be testing times for the club which got in to such dire financial straits that the administrators were called in and legal moves were made to keep the business running.
Four weeks ago an overwhelming vote by creditors gave the go-ahead for Ipswich Town to come out of administration but there was still a 28-day wait before Deloitte & Touche, the top team of administrators, could hand back the reins of the club to its directors.
That time limit is up now but there are a couple of dates looming that will also be crucial to the fortunes of the cash-strapped footballing business.
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The next few days will see the end of the season ticket price freeze, a period given by club chairman David Sheepshanks to encourage as many loyal fans as he possibly could to buy their seats in advance.
The more secured spectators for the new season the better guarantee the club could give the Football League when it holds its board meeting.
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It will be at that meeting on June 4 that Town will be able to put its case to have the transfer embargo lifted and to have the suspended share reinstated.
All league clubs have a share but if they go in to administration this share is withdrawn, usually temporarily.
No one from Ipswich Town or Deloitte & Touche has been available to confirm the club's status but it is understood that the transfer embargo will be lifted and the share will be reinstated.
It is also believed that around 7,000 season tickets, the required number to satisfy the league, have been sold.
Ipswich Town is one of many football clubs to hit on hard times during the last couple of seasons.
When the club applied to the High Court in London on February 10 for protection against creditors, Deloitte & Touche, lead by Nick Dargan and Nick Edwards, prepared a Company Voluntary Arrangement (CVA) for Town.
On May 2, creditors accounting for 98.2 per cent of the club's debt voted to accept the CVA.
With the bigger creditors, secured and preferential, voting to accept the arrangements it was a foregone conclusion and hundreds of unsecured creditors lost 95 per cent of what they were owed by Town.
Many of these small business people are supporters of the club and have said throughout administration they want it to succeed.
New rules currently being considered by the Football League could see clubs going into administration having points deducted or even be relegated.
These new penalties are considered to be fair even by Nick Dargan who said earlier that he supported the prospect providing it was not introduced for another year so that those in a situation now would have time to "get their house in order" first.