Jim: We need more cash for Premier push

IPSWICH Town manager Jim Magilton has revealed that more investment is required if he is to assemble the squad he wants for a promotion push next season.

By Elvin King

IPSWICH Town manager Jim Magilton has revealed that more investment is required if he is to assemble the squad he wants for a promotion push next season.

And in response to media speculation this week about a possible takeover at Portman Road, chairman David Sheepshanks has confirmed that the fortunes of Championship clubs can be transformed, almost overnight, by the influx of significant investment.

Magilton said: “Adding three or four experienced players to my squad for next season would be ideal.

“It would be nice to bring in quality to improve on what we have got.

“More investment would be appreciated so that I can fulfil the plans I have.

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“When you are dealing with players of a certain calibre you can back them as favourites.”

Sheepshanks has been saying for some while he is working towards improving Town's financial situation - reported currently as being £36million in debt - before the start of next season.

Taking exclusively to The Evening Star - Sheepshanks said: “Champion- ship football clubs are becoming more attractive economically given the massive increase in television and sponsorship revenue in the Premier League.

“A number of clubs are consequently seeking investment at this time.

“Clubs such as Sunderland and Derby County have already demonstrated how playing fortunes can be transformed, almost overnight, by investment in the playing squad and, as I have said on several occasions, Ipswich Town board's strategy is to try to attract greater investment.

“Therefore, in parallel with our ongoing discussions with our lenders we have for some time been exploring a range of options for raising new investment.

“Although speculation at this stage is premature, should there be a proposal involving a substantial dilution of existing shareholder interests, or a change of control, then it would be a matter for the board to consider and, as appropriate, recommend to shareholders for a vote.”

Season tickets sales for next season of 13,100 have reached the target set by the club, but they are down by around 1,800 on this stage last year.

The current figures will give Magilton a player budget of around £5million next season, which gives him scope to bring in the likes of striker Francis Jeffers on a permanent deal.

But the three clubs relegated from the Premiership are expected to have player budgets double Town's - boosted by parachute payments.

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