Town to hand back cash

IPSWICH TOWN today announced the club is to return Michael Anderson's 15 per cent share investment meaning he will be neither shareholder nor director.

IPSWICH TOWN today announced the club is to return Michael Anderson's 15 per cent share investment meaning he will be neither shareholder nor director.

In a statement, chairman David Sheepshanks announced that this was made possible because the club had not issued or registered the shares.

Sheepshanks described the episode - which broke in The Evening Star on Friday - as “regrettable” and said the move was best for both parties.

Despite the return of the cash - thought to be in the region of £1million - the chairman assured supporters that the decision would not be to the detriment of the team.

He said: “It is important to emphasise that additional investment was made at the same time as Michael Anderson's and that the club can afford to make this repayment without adverse affect on the playing squad.

“This episode aside, the club is in a much stronger position than was the case a week ago.”