Town boss Mick McCarthy received the firm backing of managing director Ian Milne as well as several, although by no means all, shareholders at this evening’s PLC AGM held in the Sir Bobby Robson Suite at Portman Road.

Just over 100 shareholders attended the meeting, which TWTD liveblogged here.

While several of those present expressed their support for McCarthy during a question and answer session, a similar number were critical of the Blues boss during a frustrated rather than tetchy evening.

“I think it was understandable, the criticism and the concern but I was particularly pleased with the support for Mick, they understand what he’s trying to do,” Milne said afterwards.

“We all know we’re going through a difficult time with the team. The players are giving 100 per cent, but it’s just not clicking.

"We’re not playing the way we want to be playing and we know we can play, in a better quality way.

“The Wigan result wasn’t the greatest performance but we won, with some luck, and we’ve got to keep pushing on, looking at the transfer window, as Mick has said. Marcus and Mick are going to go again, funds are available for the right player.”

Milne reiterated that McCarthy’s job is not in question: “Mick’s going nowhere as far as I’m concerned."

Speaking at the start of the meeting the Blues MD outlined owner Marcus Evans’s current approach to competing in a Championship in which relegated former Premier League sides with parachute payments have a significant financial advantage.

He says Town need to maintain a steady level of investment while building a strong academy which will provide players for the first team, continue to make astute signings of young players such as Grant Ward and Adam Webster, and maintain a competitive wage structure.

He says McCarthy and Evans regularly liaise on potential additions to the squad: “Marcus and Mick have weekly review discussions where they go through things in depth, player by player, they look at up and coming academy players. They look at what’s out there in the market that they may want to go for.

“They talk about budgets for players and all the rest of it. It’s quite a lengthy discussion every week.”

The financial highlights for the year to June 2016 released yesterday showed the Blues made a £6.6 million loss, while the wage bill was £16.57 million, up from £15.97 million during the previous season.

“There are clubs who are putting similar investment in,” Milne added. “Although Wigan have got £16 million in parachute payments they're paying more or less the same salaries as we are. And perhaps they’re not getting the value for them that we are.

“But there are other clubs that are investing the same money and are following Financial Fair Play. Although we’re not breaching it we’re right up there with it and that’s why we’ve got a £6.6 million loss.”

Town’s debt, which is almost wholly owed to owner Marcus Evans, now stands at £86.51 million but Milne says there is no expectation of it being paid back.

“I suspect the only time that he would want to get some payback is in the Premier League,” he continued.

“But he doesn’t want any payment, there’s been no mention at all, no discussion, nothing about repayment of that at all.”

This year’s financial highlights actually showed that the debt dropped from £87.19 million the previous year

This was largely due to £1.4 million - an instalment of the Tyrone Mings transfer fee - moving from Town to another company in the Evans group which is there to provide funds to companies elsewhere in the group, including the Blues, as and when they need them.

Similarly, when a company such as Town has surplus funds they're moved to that other company in order to get the best interest rate. Town have drawn back funds in the months since the end of the last financial year.

The financial highlights showed profits from the disposal of players to have been £603,000 last season, which related to a £500,000 top-up when Aaron Cresswell hit an appearance milestone with West Ham - Town receive £500,000 every time he makes another 30 league appearances up to a set level - and also smaller top-ups for other players, as well as a fee for Jonny Parr when he joined Norwegian side Strømsgodset.

The subject of Premier League parachute payments and the way they are currently skewing the Championship towards the recently relegated clubs came up on a number of occasions during the AGM with Milne believing the situation could ultimately lead to a “franchise league” with the same teams regularly going up and down.

He believes the situation can’t remain the same and wouldn’t be averse to a Premier League second division in order to level the playing field, a view he says some other Championship clubs also hold.

“I’ve been saying for quite a number of years, and so have a number of clubs, that we need a different architecture,” he said.

“I feel we should discuss it with the Football League, we should discuss it with the FA. It really has got to come from the owners and Marcus really is thinking about this.

“I know other owners do want to talk about this. They’re not prepared to continue to put this sort of amount of money into it without really getting a better share of the media money. You’ll have seen the figures of the international rights and all the rest of it.

“We know this is a very competitive league, it’s a highly watchable league, I think it’s more exciting than a lot of Premier League matches.

“But there is such a financial disparity between those teams at the top and the rest. And to be fair I think the Football League can’t cater to three masters, the Championship, League One and League Two. They’ve different animals.

“Something’s going to give. I’m saying that and I’m convincing Marcus that’s how it is and he doesn’t disagree with me.

“I’m talking to every owner that’s prepared to listen to me on this and quite a few are.”

Meanwhile, Milne said he feels for loan midfielder Jonny Williams, who will be out for 12 weeks having undergone shoulder surgery earlier today.

“He’s had such bad luck. I understand that he will be doing all his rehab here,” he said.

The season-long loan agreement with Crystal Palace means Town don’t pay a penny of the Wales international’s wages while he’s out injured and it’s likely the Blues will look for a replacement while the 23-year-old spends his latest spell on the sidelines.

Photo: TWTD

superblue70 added 09:38 - Dec 22 Swanker98 haha priceless thanks surco that's cheered me up I couldn't have described the obvious scum fan better myself. As for Milne what a depressing read full of no hope, wake me up in a few years when this nightmare is over please.
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ITFCGloryDays added 09:38 - Dec 22 Oh what a relief! An MD who hasn't got a Scooby about football and the fact of backing our manager as well. Where did I leave that white stick? So happy. Roll on 2017 as an ITFC fan.
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tractorboybig added 09:42 - Dec 22 weather we like It or not this club exists soley because of Evans, Call his debt in and we are no more! He who pays the piper plays the tune, Its lump it or leave it for us old boys.
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grubbyoik added 09:47 - Dec 22 The Evans era.. Got it wrong with Jewel.. got it wrong with Keane.. got it wrong with McCarthy.. We're £86 million in debt which just because the owner has never talked about repayment, doesn't mean he isn't going to ask for it. Everything about our club is Stale... starting with a Stale manager playing Stale football. And to then say he has full backing just about sums it up.

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Kesgraveblue57 added 09:53 - Dec 22 Ipswich town object in the Evans empire is to run a loss for tax purposes, for the rest of his business.
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alfromcol added 10:05 - Dec 22 Predictable, that when attendees are consuming the free mince pie, sandwiches and drinks at the AGM they are not going to make too much fuss by asking awkward questions!!!
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OldClactonBlue added 10:11 - Dec 22 The timing of the AGM, to coincide with many Christmas events, was appalling. I did complain to Mark Andrews and got the expected, best time for directors etc, response. There are a lot of shareholders, who bought their shares when they thought the survival of ITFC was at stake, who are very unhappy. We were wrong the club is in far greater danger of dying now than it ever was back then. If I had been able to be there I would have voiced my concerns, at the top of the list, no plan, not even one to stand still. We all need to keep battling away or the club will die. Maintaining the status quo will go a long way to bringing that to fruition. in my opinion the club needs people at the helm who really care about ITFC. I don't believe they are there at present.

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Razor added 10:32 - Dec 22 As I said the other day get Bernie in (Ecclestone)--a good Suffolk boy who will be looking for something to do soon. He could buy us with his loose change.
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geminimustang added 10:50 - Dec 22 The message from Milne was positive,i.e." there's money available for the right player",but the doom merchants want Milne,McCarthy and Evans out.Surely,the guys deserve January to show they will bring someone in and then deserve the rest of the season to show ITFC are on the right track.If i had to give my bank account to somebody to ensure i was financially sound,it would be ME before a lot of the spendthrifts on this forum.If financial responsibility means ITFC are a mid-table side,so be it.Respect to ME,TC,ME & Milne for doing what they believe is right for the club and not being swayed by supporters who enjoy being eternally pessimistic.ITFC can make the play-off's this year but if you don't believe,how can you expect the players to?

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blue75 added 11:42 - Dec 22 That's the sort of news to make sure season ticket renewals go down!!! This will be my last year with that pair in charge!!
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Surco72 added 11:42 - Dec 22 "If you dont believe " i know its christmas but are we 6 ? I expect the players to perform because the players ate highly paid to do their job , and are in a very fortunate position
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warktheline added 11:53 - Dec 22 The strategies suggested are all well and good, thumbs up from me! Problem is , this plan is flawed with McCarthy at the helm. Where's the consistency in youth, we have a a very good centre back playing right back, shouldn't that position be filled with youth? McCarthy insists he wants to entertain! Why is he playing TWO holding centre midfield players? Surely just a couple of questions Evans should be demanding answers to. In relation to Evans, I fully appreciate an owner keeping his nose out of the selection process, but that said, if a long term plan is in place then the above questions, and more, certainly need explanation! Striking a balance isn't a reasonable answer, not when considering inept performances over a considerable period of time! @swn98, no doubt you'll side 'shuffle' this post!!!!😳😂😂😂

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Michael11 added 11:57 - Dec 22 If I see "Marcus and Mick are going to go again, funds are available for the right player" one more time I think I'll scream. You say this EVERY window and it NEVER happens! You get what you pay for and we're never prepared to pay the sum for players which will actually make a difference. We're stuck in a rut which will end in failure before success.
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grumpyoldman added 12:16 - Dec 22 Why is it people who complain about the situation at the club are either described as "doom merchants" or not "true" supporters. I prefer the description realist, because we actually look at the real state of the club as it is, not some promises of new players being signed, youth being given a real chance, tactics changed. Promises are made to be broken, please don't base your posts on what may happen, it's good to be optimistic but not to be a dreamer as they rarely come to fruition.

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BlueSmith94 added 12:22 - Dec 22 Lets get the right players, get behind the team and crack on to the end of the season! Its been fustrating but the position the club is in financially, could be alot worse, could be like blackpool or charlton or coventry! I do think that we need a new manager in, someone like Gary Rowett or Paul Clement, but that wont happen half way through the season. I think we should focus on staying up, get a new manager and start over in the Summer. We should give the youth players a go this season to get them used to the championship, then ready for next season. If the players are good enough, doesn't matter how old they are. COYB

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grubbyoik added 12:46 - Dec 22 When push comes to shove I just don't like the way Mcarthy teams play football.. Everything else for me is irrelevant. Who ever they buy in January is not going to change how he sets his teams up to play. McCarthys teams aren't entertaining to watch in an entertainment business.. truely priceless!
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itfc2001 added 12:53 - Dec 22 As one who attended last evening I can agree mood was sombre and not a rapturous applause when those who backed Milne and Mick made their points. However, there a number of fans and investors who will follow the current regime over the cliff if asked. Was noted that up to 2,000 ST holders were not attending games for various reasons.Acknowledgement that the dire performances and entertainment on offer had been discussed between owner and manager. The board were always going to back the Manager. He will be backed until he is sacked!! Whilst I am convinced ME or IM don't want to remove MM. I feel if things don't improve dramatically and the reality of losing another 2,000 + season tickets and falling attendances will force their hand. Time will tell but think Dino's days are numbered. Not planning to renew my 2 season tickets under current regime..

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Gazelle added 12:54 - Dec 22 Excuse me but I once heard that Town are paying Evans interest on the debt, something in the region of £3 - £4 million a year. If that's true it's a pretty decent return on his " investment ", better than Premium Bonds.
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TrueBlue1998 added 13:30 - Dec 22 Glad to hear him supporting McCarthy, what he's done on no money is remarkable Evans is strangling the club though, investment needed desperately
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Bergholtblue added 13:32 - Dec 22 "We know this is a very competitive league, it's a highly watchable league, I think it's more exciting than a lot of Premier League matches" NOT AT PORTMAN ROAD IT ISN'T. THAT'S THE WHOLE POINT. THAT'S WHY PEOPLE ARE STAYING AWAY IN THEIR THOUSANDS. WE WANT EXCITING FOOTBALL!!!!!
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Gcon added 13:46 - Dec 22 Last night was an opportunity to go along and voice your opinions and vent your spleens, face to face, with the main protagonists. Funny isn't it, how it's that bit easier for the likes of PenguinBlue, Prebbs, Surco, etc to whine and rant and act like The Big Man whilst hiding behind their keyboards...
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Bildestoned added 13:56 - Dec 22 I'm reminded here of that ol' chestnut regularly fired at Arsenhole supporters: 'Would you rather win ugly and win trophies or play sexy football and win nothing?' What I mean here is that we perhaps should be considering that we are a club MASSIVELY in debt. We came close to not having a club not so long ago, so would we rather have a playing, functioning club or simply one that has become a treasured memory?

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warktheline added 14:12 - Dec 22 @Gcon, the trouble with the likes of you and swn98, is your broad swiping statements! "Leave Mick alone he's doing the best he can do with what he's got". You're unable to argue or justify the finer details, such as team selection, style of play etc! Prove me wrong and I'll be more than happy to listen and debate!
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Bert added 15:10 - Dec 22 Evans owns the debt and does not want to be paid. If true there are dozens of championship clubs who would appreciate that. I get the point that many want MM to go but for goodness sake recognise the maths of it all. It is clear that the club has few options. Simply posting MM and Evans out is ignoring the plain truth of the matter. What I do agree with is that with more effective team selections we should be experiencing much better entertainment than that served up. Make some noise on Boxing Day !!

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urbanpenguin added 15:24 - Dec 22 All this talk of Marcus Evans shuffling money between all these different companies in different places reminded me of a league we are doing rather better in... http://www.theoffshoregame.net/the-offshore-league/
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