Town's £200,000 share investor is reported to be Michael Spencer, one of the richest men in the country with a personal fortune of £335 million. Spencer, 48, was the biggest investor in the recent share issue but has declined a place on the board.

The Oxford educated businessman, a friend of chairman David Sheepshanks, bought 10,000 shares in the club but is not interested in any greater involvement in the running of Town.

Spencer is the founder and chief executive of Icap PLC, the world's biggest inter-dealer, a role which takes up too much time him to spend time helping run the Blues. He has worked in the city since 1976 and has a reputation as a ‘hard bastard' and as extremely intelligent.

Said to be a colourful character, Spencer is friends with Elton John, Chris Eubank and ex-Wham member Andrew Ridgeley. He once weighed-up becoming a Tory MP and is a Euro-sceptic.

Spencer, who has homes near Woodbridge and in Holland Park in London, is 122nd on the Sunday Times Rich List. He is an occasional visitor to Portman Road rather than a regular one and is understood to have made his investment to lend his support to chairman David Sheepshanks, who has known for many years, and the club's board.

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