Please log in or register. Registered visitors get fewer ads.
Town Takeover Close
Friday, 26th Feb 2021 15:05

TWTD understands Town’s US-backed takeover could happen as soon as next month.

As reported yesterday, speculation regarding a takeover at Portman Road has been circulating for a couple of weeks but is more advanced than has previously been suggested.

We understand the deal which would see the club change hands to a US-based group is worth £30 million.

Current owner Marcus Evans, who is set to write-off his debt, which will now have climbed to around £100 million, is understood to be keeping a five per cent stake in Town, presumably so he could potentially profit from a future sale if and when the Blues reach the Premier League.

It’s also believed that Evans will keep hold of some of the training ground, some or all of the Bent Lane side of the facility, with development having long been eyed for a small section of the field between already existing housing close to the road.

The ownership of that part of the training ground was transferred to another Evans company, London & Merchant Properties Limited, previously known as Marcus Evans (Guernsey) Ltd, in 2011 largely for tax reasons.

While Brett Johnson, from Phoenix Rising and FC Tucson, has entered the spotlight after following Town’s Twitter account in recent days, we understand the 51-year-old is just one of a number of investors.

TWTD understands that much of the cash will come from the pension fund for the fire and police services of a so-far unnamed US state.

Bristol City chief executive Mark Ashton has been strongly linked with the same role at Town as part of the takeover, and Robins head of operations/club secretary Luke Werhun is also believed to be wanted by the new set-up. However, there is no confirmation that either will be leaving Ashton Gate.

It’s believed that the consortium will look to bring in a new manager with The Athletic reporting that Paul Cook will be the man to replace current boss Paul Lambert.

Cook, 54, has been out of work since resigning from Wigan Athletic in the summer, having previously had spells in charge of Southport, Sligo, Accrington, Chesterfield and Portsmouth.

TWTD reported in January that Cook had been sounded out by Evans about taking over at Town should there be a vacancy.

Compensation will be due to the Latics' administrators with Cook still in contract with the Lancastrians when he departed.

Lincoln boss Michael Appleton was believed to be a target having previously worked at Oxford United with Ashton and Mike O’Leary, who along with Johnson is a director of Gamechanger 20, a company which was formed last year and is believed to be the vehicle for facilitating the takeover. Ashton is not among the directors.

However, Appleton yesterday signed a new four-year deal with the Imps and may have been less keen to move on from the division’s second-placed side even prior to penning his new contract.

Also among the directors of Gamechanger 20 is Berke Bakay, principal owner, governor and co-chairman of Phoenix Rising, who made his money from Kona Grill, a restaurant chain.

Like Ashton, O'Leary, who appears to be the driving force behind the consortium, has a background at West Brom having been the chief executive officer at the Hawthorns for two years in the early 2000s.

The takeover, which is not yet signed and sealed, would see a summer of great change at Portman Road, both on the field and off it.


Photo: Matchday Images



Please report offensive, libellous or inappropriate posts by using the links provided.



Woodbridgian added 15:25 - Feb 26
We all know that change is required and Evans has failed abysmally in his 14 years of ownership. However don't believe this (if true) will necessarily be a perfect outcome. Funds like these buy underperforming assets, get them performing properly and sell them on for a profit. That it itself is not necessarily a bad thing but long term owners would probably be a better bet (if such people exist) in today's world.
11

dizzle added 15:26 - Feb 26
If Evans really is writing off £100m debt then should we be campaigning for a statue for him!?
-2

trncbluearmy added 15:26 - Feb 26
The first time they refer to ITFC as a soccer club Blue Action will be all over it
4

Town4me added 15:28 - Feb 26
Cash from pension funds? Not sure I like the sound of that 🤔
2

hawkzzter added 15:28 - Feb 26
Sounds Good - Can't be many more Paul's we haven't tried yet? lol
2

gosblue added 15:30 - Feb 26
I've heard we're signing a new quarterback
2

BeattiesBackPocket added 15:31 - Feb 26
Pretty sure a lot of people on here have been saying to those not happy with evans tenure ‘it'll never happen name someone' ‘no one will buy us' etc etc don't like to say we told you so but...
1

Town4me added 15:31 - Feb 26
But have to say if true, fair play to evens writing off the debt. Maybe he has a conscience
3

PortmanTerrorist added 15:32 - Feb 26
Do not fear Pension Funds. North American Pension Funds are stable and sensible investors and are not generally drawn to short term gain but prefer long term partnerships for growth. If true then the due diligence will have been going on for months and we will have been viewed as seriously under-valued due to our parlous league position. Am more bothered about getting ME out of a Club he never even tried to become one with.
9

ShropshireBluenago09 added 15:32 - Feb 26
Wow amazing if true. Paul Cook was a great player Imo and has proved he's a decent manager.
2

RegencyBlue added 15:33 - Feb 26
Understand some of the caution here but let's be honest, we were going nowhere under Evans, except perhaps Division 4, so let's see how the new owners go.

If they get the right people in this could go well.
9

BotesdaleBlue added 15:34 - Feb 26
If true this goes a long way to explaining both the inaction and silence of Evans in these turbulent few months.

Potentially exciting news, but as others above have already said, we need to see the detail before we can make any real and proper assesssment as supporters.
6

Northstandveteran added 15:34 - Feb 26
Chambers and Skuse new 5 year contracts.

As cheerleaders.
14

Michael101 added 15:34 - Feb 26
Could be the reason Paul cook did not take any of the bristol jobs??
Would love to see him at ipswich.
14

BeattiesBackPocket added 15:35 - Feb 26
Cooper4england I get what you're saying however evans has made many mistakes and is responsible for where we are. Whether it's underselling players, letting assets go for nothing, hiring clegg, calling us customers, lying about promotion pushes and giving mick the 5th lowest wage budget, promising a 5 point plan that in the last five years has never even remotely looked like happening with the poorest structure at the club ever. The biggest mistake he made was not giving funds when top of the championship to push on. I personally think as do wolves and Sunderland fans that mick does his best stuff first 2 or 3 years and with murphys freak season we could've done it.
6

CavendishBlue added 15:36 - Feb 26
If it comes off then maybe light at end of tunnel for us.

However if they are simply here to asset strip and then sell on,then go away quickly!!!

Just hoping for the firefighters that this a tiny % of their pension pot!!!!
0

Michael101 added 15:37 - Feb 26
Paul cook turned down bristol?? I would love to get my hands on a pair of bristols
1

BlueandTruesince82 added 15:38 - Feb 26
Nice one Phil, exceptional at getting copy out as always.

So we're going to be the Arizona Ipswich Town Mustangs!

Happy to see Cook come in, he wants a proper project and we represent that.

If that was my pension money id be bricking it though.... all sounds very Hoffaesque
2

arc added 15:41 - Feb 26

This all sounds promising (although I'd like to hear more details about the houses on the training ground). But can someone please get into the investors' ear and tell them that Kieron Dyer is our next manager. Please.
-8

runaround added 15:43 - Feb 26
Go Tractors!!!!
3

IpswichT62OldBoy added 15:45 - Feb 26
We could make promotion if we keep playing as we did for the past two games, there is enough time left.
Nice to be excited again.
3

Grumpy_Old_Man added 15:47 - Feb 26
Not sure this is good news for Ipswich Town..why do so many see Paul Cook as the Messiah???
1

IpswichT62OldBoy added 15:49 - Feb 26
@arc, are you going to put your name down for one?
0

blueoxford added 15:51 - Feb 26
I won't believe it until Phil is back in the press conferences
2

SaigonTractor added 15:56 - Feb 26
"TWTD understands that much of the cash will come from the pension fund for the fire and police services of a so-far unnamed US state."

Can someone who knows more about business and finance explain this to me? Because that sounds extremely dodgy.
1


You need to login in order to post your comments

Blogs 295 bloggers

Ipswich Town Polls

About Us Contact Us Terms & Conditions Privacy Cookies Advertising
© TWTD 1995-2024