The Blues are reported to be the subject of two multi-millionaire takeover bids. Talk of a Town takeover first surfaced in a national newspaper over the weekend, but appeared to be purely speculation based on interest in other Championship clubs.
A Town spokesman has confirmed that there are developments regarding new money coming into Portman Road but gave few details: "We are able to confirm that we are exploring a number of different options to bring new investment to the club.”
It is known that Town have been speaking to a number of potential locally-based investors in recent months with a view to money coming into the club once a deal has been done with Morley. However, this investment is unlikely to be at the level which would make a significant difference to the club's position.
The Blues are currently £36 million in debt and have been in talks with Morley Fund Management - the Norwich Union company which deals with the bond which paid for the building of the new stands - regarding writing down the £28 million they are owed.
TWTD understands that these talks are at an advanced stage with their conclusion expected before the start of the new season. It is likely that a potential large investor could be sitting in on these talks with any significant injection of cash almost certainly out of the question until the debt is reduced to a more manageable size.
According to this morning's report, chairman David Sheepshanks and chief executive Derek Bowden have already agreed in principle to sell the club, however this cannot be the case. The board have previously stated that any investment above a 15% ceiling would be put to the club's 3,792 shareholders.
If an interested party wanted to take more than 29.9% stake in the club they would be legally obliged to make an offer for the rest of the share capital. Were they to take a 90% share, they would be able to compulsorily buy the rest of the shares.
The identity or identities of any interested parties remain the subject of speculation. Currently the club's largest shareholders are board member Holly Bellingham, widely tipped to be the club's next chairman, and Michael Spencer, a friend of current chair David Sheepshanks but not someone understood to have a great love of football or any interest in owning the club.
Norwich Union will increase their stake in the club to 10% later this year and then 15% in a year's time as part of the interest holiday agreement which led to the annual £2 million interest payments on the bond being waived for three years.
With foreign investment currently all the rage at both in the Premiership and Championship, there is speculation that an overseas investor could be involved. Meanwhile, Graeme Souness is leading a consortium looking to buy a Championship club having failed to land Wolves.
Souness met chairman David Sheepshanks at Town's game at Preston, but any suggestion of the former Scotland international talking about a takeover was denied by the club.
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