No bonus for Town's top duo

IPSWICH Town chairman David Sheepshanks and chief executive Derek Bowden did not receive bonus payments for their work this year.The latest balance sheet in the club's accounts up to June 30, 2007, shows a profit of £174,000, compared to £2,7million loss the previous year.

IPSWICH Town chairman David Sheepshanks and chief executive Derek Bowden did not receive bonus payments for their work this year.

The latest balance sheet in the club's accounts up to June 30, 2007, shows a profit of £174,000, compared to £2,7million loss the previous year.

A sell-on clause from the summer £18million transfer of former Blues striker Darren Bent from Charlton to Tottenham accounted for the figures ending in the black.

Despite the loss up June 2006, Sheepshanks and Bowden received bonus payments to take their emoluments to £114,000 and £214,000 respectively.

This year they have received nothing from the club's remuneration committee, which is chaired by director and former club chairman John Kerr.

Sales and marketing director Andrew Goulborn was given a £10,000 bonus up to June 30, 2007, and finance director Anna Hughes £8,000.

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Ipswich made £3.5million from the sale of players, which was made up mainly from the income of Bent's move across London - with the payments arriving over a four year period.

The club made an operating loss of £2.7million with interest payments of £675,000.

Commercial revenue fell by 14.6 per cent mainly due to not promoting a summer concert in the year to June 30 2007.

Gate receipts decreased from almost £7million to £6.6million and commercial income from £7.7million to £6.5million. Income from TV and radio went up from £1.14 to £1.31million.

This season, Championship clubs will benefit from between £800,000 and £1.4million solidarity payments from the Premier League.

The purchase of 36,538 ordinary shares by non executive director Peter Cohen - chief executive of the PHS support services group - were welcome.

In his report chairman David Sheepshanks said: “Cash management is key and we are extremely grateful to those high net worth investors - particularly Peter Cohen - who have helped the club bridge the gap in the previous 12 months.

“Our biggest greatest asset is our support base with an average of 1,140 fans travelling the length and breath of the country to support the team away.

“The board, management and players would like to thank them - they remain the best in the land.

“It has been a hard few years, but perseverance has always been to the fore.

“Now I believe that shareholders and supporters can look forward with cautious, yet increasing, optimism.”

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