x

Rough Ride for Sheepy - Ipswich Town News

According to a report Town's current debt stands at £31.4 million. With the club's finances in such a concerning condition chairman David Sheepshanks is set to face stiff questioning from shareholders at Thursday's AGM.

The figure of £31.4 million includes the £25 million, 25-year bond set up to finance the building of the new stands as well as an overdraft of more than £6 million.

The report says the Blues are in a worse state financially than when Sheepshanks took over as chairman in August 1995, a time when he himself said the club was "sinking like a stone".

The chairman's commitment to the club is questioned, with a suggestion made that he might be interested in making a move to the FA, perhaps as vice-chairman, despite his recent denials.

With Sheepshanks repeatedly stating that the club does not need to sell during the January transfer window, shareholders will be interested to learn more about the financial manoeuvrings put in place and also the share issue mentioned in the latest set of accounts.

Over his seven years in charge Sheepshanks has been a largely popular chairman, however this year's AGM promises to be his roughest ride yet.

What to read next:

U19s Draw Second Game at Czech Tournament
Town’s U19s were beaten 3-2 by Slovan Bratislava in their second and final group game at the Zlaty Kahan tournament in Czechia yesterday.
Town Continue Pre-Season at Aberdeen
Town face Scottish Premiership Aberdeen at Pittodrie in their second public friendly of the summer this evening (KO 7.30pm).
Town Women to Start WSL2 Season at Southampton
Ipswich Town Women will open their first ever second-tier season with a WSL2 away game at Southampton on Saturday 6th September (KO 2pm) with Nottingham Forest the first visitors to the JobServe Community Stadium, the Blues’ new home, the following weekend.
Morsy: The Best Spell of My Career and Life
Departing Town captain Sam Morsy has issued a message to fans, teammates, manager Kieran McKenna and his staff following confirmation of his move to Kuwait SC, while the squad and ex-players have paid their own tributes to the Egyptian international.
Town Confirm Morsy Exit For Kuwait SC
Town skipper Sam Morsy’s move to Kuwait SC has been confirmed.
Town Announce Matchday Ticket Prices
Town have confirmed their matchday ticket prices for the Championship season ahead.
Luongo Close to Joining Millwall
Former Blues midfielder Massimo Luongo is closing in on joining Millwall following his trial with the Lions.
Eze Nets Twice as U19s Draw Opener at Czech Tournament
Striker Nelson Eze scored twice as an U19 Town side drew 2-2 with hosts Banik Ostrava in their opening match at the Zlaty Kahan tournament in Czechia yesterday.
Young: Working With McKenna Again Was a Massive Pull
New Blues signing Ashley Young says manager Kieran McKenna played a big part in his decision to join Town having left Everton at the end of last season.
Town Confirm Young Signing
Town have confirmed the signing of veteran former England international Ashley Young on a one-year deal.