Town have announced they are close to securing major investment from Marcus Evans, who runs a conference organising business. The move would see the club's £36 million debt all but wiped out plus another £12 million coming into Town via the issue of new shares with Evans becoming the majority shareholder owning 87.5% of the club.

Evans, who has tried to buy the Daily Mirror on two occasions, started his business which bears his name in 1983. Its website describes the company as “one of the world's leading providers and promoters of global summits strategic conferences, professional training, in-company training, business-to-business congresses, sports hospitality and online information”. It employs more than 3500 employees in 32 countries.

Chairman David Sheepshanks will continue in his current role with Town and hailed the new investment as excellent news for the Blues: “Marcus Evans's 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.”

Evans, described as publicity-shy and a supporter of the Liberal Democrats, says he has followed Town for some time: “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.”

The investment, which is subject to contract, conditional on Evans completing due diligence and on shareholder approval, will see the purchase of around £32 million of the club's debt. Additionally, £12 million will come into the club via the issue of new shares.

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