By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions. We in turn value your personal details in accordance with our Privacy Policy.
Please log in or register. Registered visitors get fewer ads.
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.
The sad thing about Marcus Evans ownership was he got rid of Magilton too quickly and thereafter never appointed the right Manager for ITFC. Each appointment turned out worse than the one before (except for McCarthy for whom reasonable funds were never made available - like they were for Keane).
Evans was never an inspirational or enthusiastic owner (like the Cobbolds) who watched every match. That apparent lack of interest filters down through the Club.
It's easy to work out what the American investors plan is - spend to get us into the Premiership and then stay there, even if we finish 4th bottom every year they bank £100m of sky TV money - thats a pretty good return for any investor.
spend £17.5m to buy the club - even if they spent £60m on the team one year in the Premiership and they are in profit .......
New investment,new initiatives ,new enthusiasm ,new objectives - all to be welcomed BUT just as important is to be reassured of the aims for standards and values in the future . Most real supporters will wish for all round integrity and commitment from the ‘new ‘ owners to effect the improvements and changes in so many areas ,and which have been crying out for attention . If wealth creation is the basic objective ,then a great deal is likely to change especially as very few Clubs effectively run at a profit . Await with baited breath : but it perhaps explains PL's rather lukewarm , almost personally disinterested commentary on things to come football- wise . A contract pay off looms ; more dough into the personal pot and a rest and relief from what ought o have been a truly smashing job ! COYB
Chrissmailes. what is your favourite saying?..BE CAREFUL WHAT YOU WISH FOR as it could well go tits up in a couple of years. Not that we would do any better with Evans there of course.
If and when, I don't think the sleepy Suffolk keyboard warriors will have any impact whatsoever on future outcomes. It will all be performance driven. Perform or perish.
If this is to happen then credit to Marcus for writing off the debt otherwise it would not occur i hope he gets some cash back if and when we hit the premiership, as for Paul Cook i'm sure he will put noses out of joint but he will get the utmost out of his chosen team, i bet the crawlers are worried sick now that Marcus could be gone their overpaid under performing days are at an end.
Evans isn't writing off all the debt but £70m of it...which even that tells you how much he wants out and the consortium buying the club for near £30m with ME keeping a 5% stake as a shareholder and still owning part of the training ground.
Well if true will certainly put some much needed impetuous into a lacklustre club going nowhere.
So let's keep our feet on the ground. 1. This shows football is in a terrible financial state when the owner has to write-off 100M to make a sale 2. For those thinking there is a pot of gold coming......there is not.....this is an investment company that are using a pension fund to cover the cost of the debt, living in america this is how mergers and acquisitions occur for just about any takeover. This IS NOT a cash injection into the football club they will sell assets to maintain cash flow and increase value to sell for a profit.
On the other hand is Mr Ham winding up Lambo(he deserves it after treating him so petulantly!!) with a not going to happen story!!?? give him more welly Phil.
Do our supporters think it likely that the new consortium would make cash available to fund the purchase of quality players to see us climb back to the Championship and beyond that? Or is that pie in the sky?
I seem to be in a minority on here but I don't think this is good news at all. The devil will be in the detail. American business methods do not impress me one iota. Let us hope the deal won't have debt leverage onto the club like Burnley have. If it happens, then "my" Ipswich will sadly have died, after a long and painful decline.
@TimmyH I would imagine over the years of tax relief on the 100M that figure of 70M will be a bit less. Not saying he has lost a lot of money in his failed attempt of a quick profit.
By continuing to use the site, you agree to our use of cookies and to abide by our Terms and Conditions.
