Results matter in lead-up to share issue
TOWN'S position in the division could affect the share issue due to be launched next month, a Portman Road spokesman said today.The struggling club has just lifted itself from the bottom of the first division with its 2-1 win against Walsall but unless it can keep away from the last rung of the league ladder the opportunity for fans to buy shares will be postponed.
TOWN'S position in the division could affect the share issue due to be launched next month, a Portman Road spokesman said today.
The struggling club has just lifted itself from the bottom of the first division with its 2-1 win against Walsall but unless it can keep away from the last rung of the league ladder the opportunity for fans to buy shares will be postponed.
A club spokesman told The Evening Star today that the win last night will not only have lifted the spirits of players but will have gone a long way to ensure October's share issue goes ahead.
"If we were at the bottom of the league we would take a decision at share issue time about what to do," said the spokesman, adding: "it would be a prudent and sensible thing to do."
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The seed of concern about delaying the long-awaited share issue was sown when Ipswich Town chief executive Derek Bowden took part in a question and answer session with Ipswich Town First – the supporters' trust four days before the side slumped to the bottom spot.
Mr Bowden was asked if the share issue would be postponed if the team performed badly.
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"It might if we are bottom of the league," was his reply.
There had been speculation that the pre-Christmas launch could be viewed as bad timing due to it being an expensive period but the spokesman said: "It was always intended to have the share issue just before Christmas.
"Rather than being seen as a problem at this expensive time of year we were hoping to be including on the gift-buying lists of supporters.
"And hopefully by that time Ipswich will have moved up from the bottom of the league so it would not be up for consideration," he added.
Other matters raised at the supporter's trust meeting included: "Why did the club suggest that the CVA was not full administration?" "Will we have to sell players in January?" and "Will the board have the courage to admit that mistakes were made (in the run-up to administration)?"
To the first question, Mr Bowden said: "The club accepts that some of its initial statements regarding the administration suggested that the CVA was not a full administration and now recognises that any such statements were not correct."
To the second, he replied: "No. Joe Royle has an adequate loan budget and will only have to sell if he wishes to buy."
And to the third: "Three years ago, the decision made did not appear to be mistakes. Investing £15 million on new players to strengthen the squad after the successful first Premiership season did not appear to be wrong at the time though hindsight has demonstrated that the wrong players were bought.
"So, yes, mistakes were made, but they were decisions made with the best of intentions but which turned out to be wrong."
The full list of questions and answers are published on the supporter's trust website: www.ipswichtownfirst.co.uk
Mr Bowden told The Evening Star he had no further comments to make regarding last week's meeting.