Town MDs Jonathan Symonds and Ian Milne say fans shouldn’t be too concerned regarding the size of the club’s debt. Last year’s accounts showed that the Blues now owe £79.62 million, virtually all of it to companies owned by Marcus Evans.
"Without the debt the club wouldn’t be where it is,” Symonds told TWTD. "It is what it is, but on the one hand we want to bring investment into the team, but there are no other avenues of revenue.
"The debt is owned entirely by the group and it’s a stable debt. I think there are lots of clubs out there who would give their eye teeth for that.”
Milne continued: "I think that’s the important thing. If the debt was owned by a third party I could understand the issue and I’d be part of that and we’d looking over our shoulders at the bank or whoever.
"But the comfort is that it is owned by just one group, by the owner and like any good accounting exercise it’s got to be logged as a loan otherwise it’s a gift and then if it’s a gift it gives you lots of tax issues, you get taxed on the gift. It is what it is and there’s no ulterior motive.
"There is group relief and what have you,” he added. "But at the end of the day there’s still money coming out of [Marcus’s] pocket, the taxman isn’t funding the football club or any other part of the group.
"Ipswich Town is the only loss part of the group, but that’s not an issue to the Marcus Evans Group. Marcus and the group enjoy investing in Ipswich Town.”
The debt is unlikely to rise too significantly in the seasons to come even if the Blues remain in the Championship with annual losses - £15.96 million was the 2011/12 figure - set to be lower with owners less able to inject cash under Financial Fair Play.
"We’re in the same position as every other club,” Symonds explains. "Marcus and every other owner can only put so much into the club.
"Therefore the opportunity for the debt to grow is less, which is clearly a good thing. But also it [has its restrictions].
"But as long as you have a level playing field, in terms of all clubs having the same constraints and restrictions in terms of funding, however, the issue comes with the parachute payments from the Premier League. Put that into the mix and it is going to be more difficult, without a doubt.”
Milne says all clubs ought to be in the process of carrying out the same sort of efficiency drive which has been in progress at Town in order not to fall foul of Financial Fair Play and face sanctions such as a transfer embargo.
"We wonder how other clubs are going to manage unless they’re doing what we’re doing,” he said. "We know other clubs are doing what we’re doing, but we also know that there are clubs that are not. How are they going to cope?”
Meanwhile, Town academy’s move towards Category One status is making progress, according to Symonds: "The work to make sure that by the time we get re-audited we’re there has already started.”
Milne added: "And in the discussions with the FA and Football League and the other administrators, they’re all happy that we’ve got the right credentials to do this and we’re set up to do it.
"So we’re looking forward to that inspection. It’s all going in the right direction and all being planned for.”
Photo: ITFC