Chairman David Sheepshanks has defended the £25,000 bonus he received during the financial year ending June 30th 2006. The award has received widespread condemnation from fans since it was revealed in the club's annual accounts which also showed losses of £2.7 million and Town's debt rising to more than £36 million.

Along with the chairman, chief executive Derek Bowden (£46,000), finance director Anna Hughes (£23,000) and sales and marketing director Andrew Goulborn (£10,000) also received bonuses.

Sheepshanks says the awards were fully deserved: "Certain people have been bonused for an exceptional performance which has helped put the club in a better position.

“These are first rate professional people. If we want the club to go forward we need the best people working for us.

“I'm not a wealthy man of benefactor type wealth. I have, since the club got into difficulty, already invested £100,000 into the club.

“I have also taken a 50% cut in my salary for the past three-and-a-half years.

“I work most of the hours that God gives us. I have invested money and I continue to invest maximum time for the love of the club.

“Financially, at long last, we can see the light at the end of the tunnel and we are talking about bonuses. I just hope we can get this into perspective.

“I took a lot of flak when things went wrong. As we all know, things go right or wrong on the pitch. I have taken responsibility for what went wrong years ago and I have taken responsibility for putting it right.”

Sheepshanks has also reiterated that money is available to Jim Magilton for new players: "I can assure Ipswich Town supporters that Jim has money to spend on his squad when the January transfer window opens.

"I can't confirm an exact figure, that would be folly but it's a substantial figure - not by Premiership standards - but certainly by Championship levels.

"It will be a case of players coming in, not going out and any sales will be strictly made for football reasons and not financial ones."

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