Town chairman David Sheepshanks says the club are hopeful of attracting new investment in the near future. As previously reported, the Blues' management are holding talks with a number of parties.

Sheepshanks told a national newspaper that new money is a must for Town to progress: "You have to see the writing on the wall - and the numbers on the wall.

“Some people may be aghast but these are the realities of life nowadays. We want only what's right for the club. What is right for this club now is to recapitalise it and enable it to fly.

"We have an eye to the East and the West. We are speaking to merchant banks, advisers and one or two interested parties. We are hoping something will be forthcoming in the not too distant future. But there are a number of Championship clubs wanting to do the same as us - 12 clubs, maybe more.''

Finding investment is the second stage in Town's current financial reorganisation. No new money was likely to come in until the club had negotiated a write-down on the £28 million owed on the bond taken out of build the new stands. TWTD understands that this write-down has now been agreed with Morley Fund Management, part of the Aviva group of companies which also includes Norwich Union, although Sheepshanks is yet to confirm this.

The Town chairman says he would welcome the marketing acumen of US investors: "The American axis is of interest, given their commercial sporting prowess. We would love to have partners who can add expertise as well as money. Americans know an awful lot about merchandising in ways we haven't exploited here.

"We all view the Premier League [TV rights] figures here as being mind-blowing, but in the States the figures for baseball and American football are even higher. The Americans believe there is yet more value to be generated here.''

Meanwhile, boss Jim Magilton has revealed he was closer than most thought to joining Oxford United as player-manager just over a year ago. The former Oxford player cancelled talks at the Kassam Stadium at the last minute, a decision he now describes as the best he ever made.

The Town boss has also confirmed TWTD's earlier story which reported that the Blues are in talks with Spurs regarding a Portman Road friendly in pre-season.

Magilton plans to attend Liverpool's Champions League final in Athens, although it coincides with a 10-day family holiday in Majorca. The former midfielder, who doesn't plan to be registered as a Town player next season, was a trainee at Anfield prior to moving to Oxford.

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