Town launched their much-vaunted public issue of shares this morning at a Portman Road press conference held by chairman David Sheepshanks and chief executive Derek Bowden.

Town see the share issue as the final aspect of the club's refinancing after the period of administration earlier in the year.

Chairman Sheepshanks welcomed the release of the 98-page share prospectus: "I'm very pleased to announce the publication of our prospectus for the long-awaited public offer of shares.

"When you get to read it you will realise it is a comprehensive document which reflects the complexity of the process and the tremendous amout of hard work that has been required to compile it, and all in all I commend it.

"We would have liked to have made this public offer of shares earlier, however circumstances have not permitted it. Nevertheless, as a community focused club, we believe that it is fitting that the opportunity to own a bit of ITFC should be open to the wider community.

"There are very specific statutory regulations which govern our share issue, or more properly a public offer of shares. These prohibit me and my colleagues commenting beyond what is said in the document.

"I can simply invite all supporters and friends of Ipswich Town Football Club to obtain and read a copy, and say that should they choose to subscribe that on behalf of the directors I would be delighted to welcome them."

Chief executive Bowden added: "Copies of the prospectus are being mailed today to all existing shareholders, all existing season ticket holders, lapsed season ticket holders, silver club members, boxholders and corporate sponsors.

"If anyone is panicking out there that they haven't got a copy of the prospectus give it a couple of days as there is a mass mailing and everybody should receive one.

"If for any reason you're not included in that list or don't receive a copy, applying for a prospectus is easy, it's simply a question of emailing us here at the club at ownabitofit@itfc.co.uk or by calling 01473 400595.

"We're making it is simple as possible for everyone to get a copy of the prospectus and read it thoroughly. That's as much as we can say."

The minimum investment in shares for an individual is £200 (£5,000 for a business) with supporters afforded various benefits depending on how many shares they purchase.

At the lower end investors will get a certificate and their name in a souvenir programme while for higher investors there is the chance to obtain priority application for FA and Carling Cup finals, access to the directors' bar on matchdays, a preferential parking space and to be a guest of the chairman on a matchday.

The prospectus includes the club accounts for the year ending June 2003 with the usual November AGM not taking place this year. The old Ipswich Town FC Company Limited effectively only has one shareholder - the new PLC company recently formed in order to issue shares - and a meeting of the PLC company's shareholders has been pencilled in for around February.

Ipswich Town 1st, the ITFC Supporters' Trust, welcomed the share issue which is the first since the club went professional in 1936: "The Trust is committed to obtaining supporter representation and would urge all supporters to invest in the share issue.

"The more supporters who invest the better, as this will provide a stronger financial base for the club going forward.

"A core aim of Ipswich Town 1st is to enable the views of supporters to have a greater influence in the decision making of the club through acquiring shares and voting rights in the club or other company that owns the club, and through having elected and accountable representation on the board of the club.

"We therefore urge supporters to not only invest but to use the votes that their investment will give them."

Town have not set a target to be raise by the issue, however a figure of around £2m-£3m appears to be an achievable amount. The issue is likely to close in early January.

Despite becoming a PLC the club will not be quoted on the stock exchange. Shares will be tradeable via a mechanism set up with a local financial company.

Saturday's programme for the Sheffield United game will contain further details on the share issue.

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