Chairman David Sheepshanks says he is determined to stay at Portman Road and leave the club in a better state than he found it despite protests from fans at recent games. However, Sheepshanks also reiterated that if an acceptable significant investor comes forward they can take control of the club.
Sheepshanks, paid around £70,000 a year for his two-day a week role at Portman Road, says that Town would not benefit from him standing aside: "If I walk away then, presumably, the whole board moves over, then that would just leave the club in a state of flux.
"Where would the creditors be, the bank, the manager, the whole organisation? It's a complete nonsense."
Recently chief executive Derek Bowden revealed that an investment of £4-£5 million would give an individual or consortium a controlling interest in the club as long as shareholders gave their approval.
Sheepshanks prices a controlling stake slightly higher than that: "If everybody were to convert their loan notes to shares, it would cost between £5 million and £6 million for someone to buy the majority stake of the club."
The chairman denied that the club is in crisis despite being more than £30 million in debt: "We are constrained but we are in a reasonably sound position."
Sheepshanks says that Town continue to look for investors but are yet to find anyone interested.
Town's annual report and accounts for the year ending in June 2005 will be released next week with the AGM set for December 1st.