Town's share issue prospectus has revealed that the row with Celta Vigo regarding compensation for 2001 Bosman signing Pablo Couñago is still ongoing. Shortly after the Spaniard made his move to Portman Road, Celta's then president, Horacio Gomez, claimed his club was owed 3 million Euros by Town.

According to the share prospectus, the La Liga club have already lost their case in a Spanish tribunal but have taken the matter to a higher legal court with the result not expected until May 2004.

Town fully expect the claim to get nowhere with both the English FA and FIFA supporting their case.

Couñago was under 24-years-old when he switched to Town at the end of his Celta contract in the summer of 2001. Had he moved domestically the Spaniards would have received compensation, however this does not apply when players move between countries.

Back in May 2001 when the matter first came to light the Celta president said: "We are going to demand the compensation to which we have the right. We will fight in all the channels, even the judicial one."

However, Town chairman David Sheepshanks was clear that his club had done nothing wrong: "We sought ratification with the FA and the player and his agent checked with FIFA and we were given confirmation from both parties that no compensation would be due.

"Subsequent to hearing Celta Vigo's protests we checked again and the FA repeated the confirmation that Ipswich Town had carried out the transaction entirely properly."

There is also no settlement to the cash disagreement with Danish side AaB Aalborg regarding the appearance clause in Thomas Gaardsøe's contract.

When Gaardsøe, now at West Brom, signed at Portman Road in August 2001 the Blues agreed to pay the Danish side £100,000 when the central defender made his 20th and 40th appearances.

As Gaardsøe's 40th appearance came during the club's administration process, there is a question regarding whether AaB are a football creditor or an unsecured creditor.

The contract was signed pre-administration, but the event - the 40th appearance - came during the administration and is, as Town see it, therefore a debt of the administration and is unsecured.

AaB, like Celta, appear unlikely to emerge victorious from their claim and Town are expected to have to pay them 5% of the £100,000 as unsecured creditors.

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