Town boss Paul Lambert and general manager of football operations Lee O’Neill will answer questions from shareholders at the Annual General Meeting of the Ipswich Town PLC, which takes place in Beattie’s at Portman Road this evening (doors open 6.30pm, start 7.30pm).
The PLC owns 12.5 per cent of Ipswich Town Football Club Co Limited and consists of the club's shareholding prior to the takeover 12 years ago with Marcus Evans owning the other 87.5 per cent. The meeting is open only to shareholders or their proxies.
In addition to the PLC’s own accounts, shareholders are also provided with a summary of the club's accounts for the year to the end of June, which will also be available on TWTD soon after the start of the meeting.
TWTD will also be posting the main points of the question and answer session on the Forum soon after the end of the AGM, which was originally scheduled for last Tuesday but moved due to the FA Cup replay with Coventry.
O’Neill has joined the PLC board, replacing former managing director Ian Milne, who left the club earlier in the year.
"Following the resignation of Ian Milne in February, the board has also been joined by Lee O’Neill who, having been appointed during the year, comes up for election at the AGM,” PLC chairman Roger Finbow wrote in a letter to shareholders sent at the end of last month.
"Lee is the club’s general manager of football operations, a role which involves oversight of the club’s long-term strategy.
"He was an academy scholar 20 years ago, following which he gained a degree in sports science from Loughborough University and trained as a teacher before re-joining the club as a sports scientist and later becoming academy manager. I am delighted to welcome him to the board.”
Reflecting on last season and how this campaign has progressed so far, Finbow added: "It is perhaps an understatement to say that the 2018/19 season was a challenging one for the club.
"But the appointment of Paul Lambert just over a year ago has proved inspirational in many ways.
"Although Paul was unable to steer the club away from relegation - the damage had been done earlier in the season - the manner in which he has been able to uplift the club, and not just on the playing side, has been remarkable.
"As relegation became ever more inevitable we witnessed a counter-intuitive increase in support and attendances at matches so far this season have been exceptional, both home and away - a measure of the renewed enthusiasm amongst supporters which Paul and his team have engendered.
"That enthusiasm has been fuelled in part of course by the performances and results so far this season and on behalf of all of you I’d like to congratulate the playing squad and coaching staff for giving us so much enjoyment.
"But it is not only on the field of play that positive changes have been evident. You will have seen that much work has been carried out to smarten up parts of the stadium, inside and out.
"Less obvious, but at least as important, have been the enhancements to the training ground made since Paul’s arrival.
"Having a smart, well-cared-for working environment leads to pride in the organisation amongst those who work for it.
"The improvements to Playford Road have led to a palpable raising of standards, personal and collective, throughout the club.
"Paul’s insistence on achieving and maintaining the highest possible standards have been important in uplifting the whole spirit of the club.”
Finbow also had praise for the club’s academy, the relaunch of the Community Trust and also the successful fundraising campaign for a statue of Blues legend Kevin Beattie.
He also revealed that the value of the PLC’s shareholding in the club had been reduced following relegation to League One and the size of the club’s debt to owner Marcus Evans, which stood at £95.50 million at the end of June 2018.
"Following discussions with the company’s auditors, and after careful consideration, the board has concluded that the £500,000 valuation of our shareholding in ITFC can no longer be sustained, given the club’s relegation to League One and the extent of loans outstanding to Marcus Evans Group companies.
"Accordingly the valuation has been written down by £500,000 to nil. Mark Andrews, the club’s finance director, along with representatives from auditors Ensors, will be present at the AGM to answer the questions any shareholder may have with regard to the board’s decision.”
He added: "I am delighted that Paul will be with us at the AGM to answer your questions alongside Lee O’Neill. We look forward to meeting as many shareholders as are able to make it."
The Annual General Meeting of Ipswich Town PLC, which was scheduled to take place next Tuesday, has moved to Monday 16th December.
The AGM, which will now be hosted in Beattie's with a 7.30pm start, has had to switch date as the FA Cup replay with Coventry has been arranged for Tuesday.
Boss Paul Lambert and general manager of football operations Lee O’Neill were set to answer shareholders’ questions on the original night and it’s expected that they will do so on the revised date.
The PLC owns 12.5 per cent of Ipswich Town Football Club Co Limited and consists of the club's shareholding prior to the takeover 12 years ago with Marcus Evans owning the other 87.5 per cent. The meeting is open only to shareholders or their proxies.
In addition to the PLC’s own accounts, shareholders are also provided with a summary of the club's accounts for the year to the end of June, which will also be posted on the official website.
O’Neill has joined the PLC board, replacing former managing director Ian Milne, who left the club earlier in the year. Further details on the AGM can be found here.