Town in fresh takeover talks
FRESH takeover talks are taking place at Ipswich Town.Details of the bid and the potential buyers are being closely guarded and the Evening Star understands that while at a delicate stage, negotiations are reasonably advanced.
By Derek Davis
FRESH takeover talks are taking place at Ipswich Town.
Details of the bid and the potential buyers are being closely guarded and the Evening Star understands that while at a delicate stage, negotiations are reasonably advanced.
The club has been seeking new investment for some time while at the same time looking to renegotiate a vast proportion of its £36m debt.
Blues chairman David Sheepshanks has reduced his working week at Portman Road in readiness for the day he has to step down which he has indicated he would be willing to do if the right buyers came in.
The current talks are veiled in secrecy and Sheepshanks would only confirm talks were taking place and hoped for a positive outcome.
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He said: “We are in discussion and might have something to say soon.”
The Blues are using London-based consultants Riverhill Partners to handle find prospective buyers, give a presentation and handle initial talks.
Ipswich came close to finding a new buyer earlier this year but they pulled out due to lack of funds before going to the process of due diligence.
A number of potential investors have been linked with Ipswich Town, including Birmingham City duo David Sullivan and David Gold.
The 71-year-old Gold confirmed on Saturday that a number of clubs had contacted him about his plans once his shares in Birmingham were sold but would not go any further.
It is unlikely that the party currently in detailed talks with Town is Gold and I understand that neither is it Manhattan Capital Sports Partners Ltd who this week pulled out of a deal to buy Coventry City.