New Investors in Town - Ipswich Town News
TWTD understands that Town will announce at least one significant new investor after the share issue closes on Friday. The deadline for purchasing shares was recently extended for two weeks while the club concluded talks with several people keen on investing six-figure sums.
Up to £1.75 million in shares are available to existing shareholders, season ticket holders and Silver Club members with the minimum purchase set at £100. The original cut-off date for investment was June 23rd. All funds raised will go towards new manager Jim Magilton's budget for the season ahead.
In addition to shares, the club is able to issue a maximum of £840,000 in loan notes, much of which has become available after the conversion of existing loan notes, including those held by members of the club's board. The conversion of these was one of the terms of the debt renegotiation agreed with Town's three big lenders (Norwich Union, Barclays and the Bank of Scotland) earlier this year.
Town's two biggest shareholders, director Holly Bellingham and city businessman Michael Spencer, may seek to add to their shares up to the club's self-imposed limit of 15%. The pair's stakes each currently stand at the 15% mark but will be diluted by the issue of the new shares.
What to read next:
Robins: I Think They've Been FantasticCoventry City boss Mark Robins was full of praise for Town following his side’s 2-1 home defeat to the Blues, which took Kieran McKenna’s men to within a point of promotion to the Premier League.
Morsy: We Showed ResilienceTown captain Sam Morsy highlighted the squad’s resilience after the Blues moved to within one point of promotion to the Premier League with a crucial 2-1 victory over Coventry City.
McKenna: Burns Injury Cramp, Clarke Knee ProblemTown boss Kieran McKenna has confirmed that Wes Burns and Leif Davis, who were both seen limping during this evening's 2-1 victory at Coventry City, have no big issues while Harry Clarke was unavailable for selection due to a knee problem.
Coventry City 1-2 Ipswich Town - Match ReportTown are one point away from a return to the Premier League after a hard-fought 2-1 victory over Coventry City at the Coventry Building Society Arena. Kieffer Moore’s eighth minute goal gave the Blues a 1-0 half-time advantage, but the Sky Blues, who were in charge for long spells, levelled through Haji Wright on 64, however, Cameron Burgess restored the lead with his second goal of the season five minutes later and Town saw out 11 minutes of added-on time to secure three vital points and put them a single point away from back-to-back promotions.
Three Changes For Town at Coventry as Davis StartsTown boss Kieran McKenna makes three changes for this evening’s crunch final away game of the season against Coventry City at the Coventry Building Society Arena but Leif Davis is fit enough to start at left-back.