Town extend share deadline
BOSSES at Ipswich Town were today hoping to get more money from potential backers after the club's successful share launch.The club announced that it had achieved the minimum share placing by its deadline of Monday evening.
BOSSES at Ipswich Town were today hoping to get more money from potential backers after the club's successful share launch.
The club announced that it had achieved the minimum share placing by its deadline of Monday evening.
It had to raise £1.25 million in new shares and in the event raised £1.33 million.
The money will be used as "working capital" to help with the club's running costs over the next few months – not to help fund new transfers.
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After the shares were launched successfully the club extended the deadline for fans to apply for more until January 30.
Bosses hope that more fans will be persuaded to invest in the club – possibly pushing the total nearer the £2 million mark.
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The new money should help it to carry on trading until the end of the season, at which time many players' contracts expire.
If the club acheives its goal of promotion, this should bring in enough television money to straighten the finances.
If it remains in the first division, several players currently on Premiership contracts will either be released or offered much lower wages.