Town chairman David Sheepshanks has released a statement to the press regarding the Football League's High Court defeat this afternoon. The Town chairman says he is hardly surprised by today's developments.

Sheepshanks said: "While the result of the court case is disappointing, it has no immediate detrimental effect on the club as we have neither planned, nor budgeted to receive any payment from the Football League, other than funds from the newly agreed deal with Sky TV.

"However, naturally if the Football League had won, an additional distribution of compensation would have been very welcome and of great help.

"As regards the judgement itself, I'm personally not surprised as it always appeared to me that the Football League case was weak on contractual grounds, no matter how morally or ethically strong their argument.

"It seems perfectly clear that Carlton and Granada were originally prepared to support the liabilities of their digital subsidiary as expressed in their preliminary bid document. I think the Football League arguments centred on the question of whether the original offer of a guarantee constituted a commitment.

"Regrettably the spotlight must now fall on the Football League's legal advice team and their apparent failure to insert the ‘parental guarantee clause' in the eventual contract.

"This omission has proved hideously costly to the fabric of football and, as a result of our relegation, to Ipswich Town Football Club, who will suffer along with all the rest of the Football League clubs."

Reports this afternoon suggest the Football League may now sue lawyers Hammond Suddards Edge, the firm who drew up the original contract with ITV Digital.

Meanwhile it is expected that more clubs will be revealed as in financial trouble.

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