PLC AGM In January - Ipswich Town News

The PLC which owns 12.5% of Town will hold its first post-takeover AGM in late January. The PLC is made up of the shareholders who owned the club prior to Marcus Evans taking an 87.5% share in the Blues a year ago.

Chief executive Derek Bowden told TWTD: ”The AGM will be towards the end of January, we've not fixed a date as yet.

"PLC shareholders will get their own annual report and accounts and we'll give them an overview of the general position of the club.

"What we're not going to do is give them a PLC report and accounts and not talk about the club because that would be stupid.

"We'll give them the PLC report and accounts in detail and then a good overview of the position of the football club as a whole.”

Meanwhile, Championship clubs are again considering introducing a salary cap. In 2003/04 League Two clubs agreed to limit their wage bills to 60% of their turnover, however, Championship sides have previously resisted the move.

Derby chairman Adam Pearson gave his support to a proposal: "The game is close to meltdown at all levels.

"Club boards are under pressure to gain success and that leads to them paying ridiculous wages. It cannot carry on or it will end in disaster. There is a growing feeling now that some sort of wage cap has to come in."

The argument against a wage cap at Championship level has always related to the difficulty clubs relegated from the Premier League would have in cutting their wage bills down to a level where it makes up only 60% of their turnovers.

Similarly, clubs like Town with owners backing promotion pushes would be unlikely to support the move, although, according to a national newspaper report, more than half the sides in the division now back the plan.

Town's wage bill of £11 million for 2008/09 is being heavily subsidised by Marcus Evans and, with last year's turnover £15.3 million, is likely to be well in excess of 60%.

Speaking to TWTD recently, Derek Bowden said he wasn't expecting the introduction of wage-capping at Championship level: "The time to have done it was probably when the Premier League was created, but even then there are ways around it. I can't see that wage-capping is going to be introduced.”

The Football League is due to discuss the issue at Pride Park on December 18th.

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