New deal for club's finances

IPSWICH Town should not have to sell any players in January - or at the end of the season - thanks to a new deal to pay off club debts.The football club is nearing agreement with its banks to restructure £29m of their current debt.

IPSWICH Town should not have to sell any players in January - or at the end of the season - thanks to a new deal to pay off club debts.

The football club is nearing agreement with its banks to restructure £29m of their current debt.

The deal was confirmed by Blues' chairman David Sheepshanks at last night's company annual general meeting - a meeting which passed off quietly with little of the anger and frustration that has been seen in the stands recently.

Speaking at the meeting held at Suffolk College, Mr Sheepshanks said: “Our objective for such an arrangement is to be able to tell you that, all things being equal, we will have no financial pressure to sell players, now, next summer or hopefully beyond that.


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“This is a very important development and would mean that we can build a three-year strategy on maximizing the fantastic talent emerging from the Academy.

“Nothing is concluded but we are far enough advanced for me to tell you about it and I hope that it will be concluded by the beginning of January.”

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Another share issue was ruled out as the timing was wrong but he admitted a future issue would be considered and was regularly under review.

The chairman said the club could still welcome a new major shareholder bringing millions to Portman Road - but said the directors would need to be sure they had found the right person.

There were fears expressed from some shareholders about the prospect of getting an investment from an outsider like Vladimir Romanov who bought Hearts earlier this year and brought turmoil to the Scottish club - culminating in the short reign of former Blues boss George Burley who took them to the top of the SPL and then left the club.

Mr Sheepshanks said: “We can be selective about any significant new investors, but while there is interest, there is not exactly a queue at the door.

“As well as proof of the ability to fund this club properly and substantially, ideally we want people who will love this club, nurture this club and commit to this club in a way that is consistent with our heritage, and our community, family values.”

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