Town have announced a ÂŁ105 million investment from US-based private equity firm, Bright Path Sports Partners, who have secured a stake of just over 40 per cent of the club.
In a statement, the club outlined the development: "The investment is being made to support the club in the long-term and comes at a time when the Three Lions fund, represented by Berke Bakay and Brett Johnson at board level, has also significantly increased its investment.
"Bright Path Sports is to be represented by co-founders Jake Zahnow and Phillip Ciano. Their investment is comprised of several limited partners, of which Sam Simon, the founder of Simon Group Holdings and Simon Sports, is the primary funder.
"Following Bright Path Sports’ investment, ORG, which manages funds for PSPRS (the Arizona Public Safety Personnel Retirement System) and is headed by Ed Schwartz, remains the majority and controlling shareholder in the Club, retaining a c50 per cent holding. The remaining 10 per cent is made up of smaller investors including the Three Lions [and former owner Marcus Evans].
"CEO Mark Ashton will continue to manage the day-to-day running of the club, with new investors Bright Path Sports providing capital and strategic thinking which will be of significant benefit to the club.”
Schwartz, co-founder and principal of ORG, told the club website: "When we purchased Ipswich Town in 2021, we did so with the initial aim of restoring the Club to the Championship and becoming competitive at this level, with the plan always including bringing a partner on board when the time was right.
"The club’s progress means we feel that time is now and we are excited to welcome Bright Path Sports. Alongside the continued day-to-day leadership of Mark Ashton, who we are delighted has further committed his future to the club, we look forward to Bright Path bringing significant value to Ipswich Town in the coming years.”
Blues CEO Ashton added: "We are excited to welcome Bright Path Sports on what is another landmark day in the club’s history.
"This is a day that further secures the long-term future of the football club and gives us the means to move the club forward as we benefit from the wide range of skills and experiences Bright Path’s investors will bring.
"The investment will continue to support the club in both the medium and long term, with the biggest immediate use being to support a number of key infrastructure projects, including the significant redevelopment of the training ground at Playford Road.”
Bakay, one of the Three Lions, said: "We are delighted Bright Path have committed capital to the club alongside the additional funds we have invested.
"The start of our journey at Ipswich has been an incredible one and we look forward to continuing it alongside our new partners.”
Sam Simon, the lead investor in the Bright Path-Ipswich link-up, said: "We are excited to be making this investment in a brilliant football club.
"We love the history, the potential for the future, the passionate fans and the management of the club, who are amazing people. We invest in people and this is perfect for us.
"We believe in investing for the future in order to give the team and management the tools to do their jobs and we’re excited to be working together.”
Bright Path Sports co-founder, Jake Zahnow added: "Phil and I looked at teams all over the world regarding possible investments and, after meeting Mark and Ed, we stopped looking.
"We are here to provide capital while offering our input whenever Mark and Ed need it, but first-and-foremost our job is to support them whenever it is required.
"Mark and the team at Ipswich have an in-depth knowledge and vast experience of running football clubs and we love the direction the club is moving in, while being excited for the future.”
The new investment has led to changes at board level with Simon and Zahnow joining the board of Gamechanger 20 Ltd, the club’s parent company, which was set up in order to complete the purchase of the Blues from former owner Evans.
Ashton will also join the board of Gamechanger 20 Ltd, while Town’s chief operating officer Luke Werhun will join the boards of both Gamechanger 20 Ltd and the football club itself.
Ed Schwartz, chairman Mike O’Leary and chief financial officer (CFO) Tom Ball will continue as board members of both Gamechanger 20 Ltd and the football club.
We understand discussions regarding the investment have been ongoing since before the club’s promotion to the Championship with the club's owners having made their intention to bring in other investment clear since the takeover.
Bright Path Sports Partners' website outlines their mission statement: "Bright Path Sports Partners is the first ever private equity and advisory firm exclusively dedicated to raising and deploying Native American capital into professional sports franchises, facilities and ancillary opportunities.
"Bright Path brings lucrative professional sports and related opportunities to a historically underrepresented class (Native Americans), while meeting the continuing trend in professional sports to advance equity and inclusion from ownership to front office and beyond.
"Bright Path combines a diversity and social equity mission with more than 75 combined years of experience in sports law, finance, management and Native American investment.”
The website also includes brief biographies of Ciano and Zahnow. Of Ciano, it says: "Phil is a founding partner of Ciano & Goldwasser, LLP – a national sports law/deal boutique representing private and public companies, global talent agencies and diversified investment funds.
"Clients include public and closely held companies and international sports agencies/certified agents in professional baseball, basketball and football.
"Phil is responsible for Bright Path’s overall leadership as well as origination of professional sports and ancillary investment opportunities.
"He is an Ohio licensed sports agent, an active member of the Sports Lawyers Association, and sits on multiple boards including the board of the American Cancer Society.”
Regarding Zahnow, it says: "Jake has decades of experience in corporate development and management of start-ups and fortune 500 companies in automotive, building materials, retail and distribution.
"Jake brings deep experience in operations, corporate finance, family office management, private equity and mergers & acquisitions.
"Jake is primarily responsible for origination and execution and will serve as Bright Path’s chief financial officer.”
Simon Sports’ website describes itself as "a sports investment firm and management group that serves as an umbrella for Sam Simon and his son Peter Simon’s sports ventures. Simon Sports is headquartered in Birmingham, Michigan.”
It has two divisions, the operations division, which is focused on sports teams, providing the day-to-day support of the company's management of the 'franchises' it owns.
And investments, which the website says "identifies and contributes to cutting edge technologies and diverse emerging developments across the sports industry.”
Mentioned in its portfolio is the Halifax Mooseheads ice hockey side, as well as other hockey and golf investments.
Simon fled Iraq aged nine in 1973 with his family having been persecuted as an Armenian Catholic.
He launched Atlas Oil Co in 1985 with a single delivery truck and has built it into a multi-billion gallon-a-year fuel wholesaler with over 500 employees.
That led to the formation of Simon Group Holdings, which is based in Birmingham, MI.
TWTD first got a hint that new investment was close after the Sunderland game in January when CEO Ashton and COO Werhun had been spotted giving some unknown Americans a tour of Playford Road, then later they were spotted similarly being shown around Portman Road and grabbing photos in the dugouts.
A full interview with Schwartz, Ashton, Simon, Zahnow, O’Leary and Bakay, is now free to watch on the club’s TownTV.