Exclusive: Town takeover announced
A MULTI-MILLION pound takeover of Ipswich Town was announced today.The club announced that it has been successful in attracting a significant investor whose investment will secure the financial future of the Club.
A MULTI-MILLION pound takeover of Ipswich Town was announced today.
The club announced that it has been successful in attracting a significant investor whose investment will secure the financial future of the Club.
The proposed private investment from Marcus Evans, a successful businessman, involves the purchase of approximately £32 million of external debt as well as an additional investment of £12 million through the issue of new shares by the Club.
This will stabilise the Club financially, supporting it in its ambition of returning to the Premiership.
The investment is subject to contract, which is conditional upon the completion of due diligence.
The transaction will result in Mr Evans becoming the majority owner and shareholder (87.5 per cent) of the Club; importantly, existing shareholders will retain their shares albeit as a minority group.
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The board unanimously believes that the offer is in the best interests of all stakeholders and intends, subject to contract and due diligence, to recommend it to shareholders.
Full details will be circulated to shareholders in due course after which they will be asked to vote on the transaction at a general meeting.
David Sheepshanks, Chairman of Ipswich Town FC, said: “Marcus Evans' investment is potentially great news for Ipswich Town Football Club.
“The Board have been in discussion with Marcus Evans for some time. We are pleased now to be able to make this announcement about the deal, that when completed, will enable further investment in Jim Magilton's team building and our quest to bring Premiership football back to Portman Road.”
Marcus Evans, added: “I am delighted to be able to support the club of which I have long been an admirer. I believe that Ipswich Town has great potential to build upon its rich footballing heritage.
“The club has an excellent reputation, both on the pitch and off it, as part of the local community, and this has played a big part in attracting me here.
“The board has done a good job in difficult conditions under the stewardship of David Sheepshanks who will continue in his role as Chairman, with the support of a strong executive management team.
“Jim Magilton and the squad have made a terrific start to the season and will have my full support.”
For more news and reaction see tonight's Evening Star.