Town Takeover Completed
Wednesday, 7th Apr 2021 11:13

Town have confirmed that owner Marcus Evans has sold the club to US-backed consortium Gamechanger 20 Ltd in a £40 million deal.

In a statement on the club site Evans outlined the details of the deal:

I have always said that, whilst not actively looking to sell, I would seriously consider an offer made to me by a credible party if it would invest in Ipswich Town in a way that provides secure long-term funding to help take our club forwards. For an offer to succeed the following boxes had to be ticked:-

An irrevocable commitment to fund not just the purchase of the football club, but also to support a long-term business plan to invest in the team, infrastructure, our fans’ experience, the academy and the club’s role in the wider community.

2) Security for the club’s employees, including a commitment to support the new manager

3) A fair treatment of the shareholders of ITFC PLC and ensuring that they are not left behind in any offer.

Following several months of detailed due diligence by both parties, to ensure this will be a ‘marriage made in heaven’, an agreement approved by the EFL was signed today and I am satisfied that the above conditions have been met.

A new company (Gamechanger 20 Ltd) has been formed specifically to purchase the club for which a very fair price has been agreed for all of my equity, and in addition a payment for property and purchasing some of the debt previously owed to the ME Group including the debts acquired at a discount by the ME Group when buying the club in 2007.

"As part of the transaction, a portion of that historic debt has in effect been written off, leaving the club with a much smaller debt burden and with nearly all club debt owed to the new owners.

The new ultimate beneficial owner of the club is a US investment fund called ORG, which manage funds on behalf of a large US pension fund and will own 90 per cent of Gamechanger 20 Ltd. The ORG representative will be Ed Schwartz.

In addition to the pension fund investment in Gamechanger 20 Ltd (GC20) through ORG, there is additional investment in GC20 through the Three Lions fund. This is managed by three Americans — Brett Johnson, Berke Bakay and Mark Detmer, who will jointly own five per cent of GC20.

These three individuals will, alongside the new chairman, Mike O’Leary, formerly CEO at West Brom, oversee and manage the business. I will also keep a keen watchful eye on the club and will invest in the new company, owning five per cent of it.

However, I plan to divorce myself from any day-to-day responsibilities and get back to following the Town as a highly interested, passionate and vested fan.

The exact format of the transaction means that the pension fund will be the majority owner of the company that owns the club. The remaining shares are owned by small shareholders, many of whom are supporters.

The new company is obliged to make an offer to buy the shares of Ipswich Town PLC for the same par value at which I have sold my own equity, therefore providing a potential exit for the club’s army of small shareholders.

A key factor in reaching my decision to support the investment by a pension fund is the basic principle around which any such fund needs to invest. It has to see a return on its investment, and that return in all likelihood can only be achieved by way of promotion to the Premier League.

The fund has deep pockets, but by the nature of a pension fund will be fiscally responsible in the use of those funds. In order to meet its investment responsibilities, it will need to invest to secure Premier League status, and it has already committed to making substantial investment in both the club’s playing squad and infrastructure.

I had always wanted to take the club myself to the Premier League and sadly, for too short a window, at one time this had seemed possible. However, as important to me as my ambition for the club was, if it didn’t work out I wanted to leave the club in not only a more secure financial position than the perilous state in which I found it, but with ownership that provides triple A financial backing alongside a community ethos.

"I believe I have found this and I look forward to cheering the team on every week as we work our way back to where we all want to be.

COYB"
Marcus

As TWTD previously reported, it's understood the pension fund involved is from a US state's fire and police services.

Gamechanger 20 Ltd also issued a statement via new chairman Mke O'Leary.

He said: “We want our first remarks on completion of this takeover to be words of thanks to Marcus Evans. We have been discussing this sale with him for more than a year, and throughout the negotiations his love for the club has shone through.

“He is a true supporter and all of us at Gamechanger 20 are extremely grateful that he has chosen to put his trust in us. "

“Marcus has invested considerable money, time and energy in Ipswich Town. His decision to waive much of the club’s outstanding debt is one that deserves the gratitude of every single Ipswich Town fan." "

O'Leary has previous board level experience in the UK football industry with both West Brom and Oxford, and more widely with FTSE and AIM-listed organisations.

""Brett Johnson said on behalf of the Three Lions: "We are humbled and excited to be investing in Ipswich Town, one of the finest clubs in the history of English football. "

"We are proud of our success on and off the pitch at Phoenix Rising and are committed to restoring ITFC to its former glory. To this end, the first priority is promotion to the Championship and the management team will be given additional funds to strengthen the playing squad.

“The Three Lions have considerable experience in commerce and marketing and in the medium-term plan to increase revenue at the club, but the short-term priority has to be the playing side, and we are committed to improving that, all the way from the academy to the first team.”

As previously reported, the directors of Gamechanger 20 Ltd are O’Leary, Johnson, Schwartz, Bakay and Detmer. A UK-based CEO is set to be appointed soon.

Bristol City chief executive Mark Ashton has been strongly linked with the same role at Town 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.

News of the deal first emerged at the end of February but negotiations stalled during March and looked to be drifting. However, negotiations have continued and were concluded in the last few days with posts indicating that the takeover was done having circulated on the TWTD Forum over the weekend.

As well as his five per cent stake in Gamechanger 20 Ltd, we understand as per previous TWTD reports, that Evans, who has had 30 to 40 offers for the club during his time at Town, will keep a section of the Bent Lane training ground which is currently unused. This area, sometimes referred to as 'wasteland', has long been ear-marked for development.

Fans will welcome the changes at Portman Road with the Evans era having seen the club drop into League One for the first time since the 1950s.

Protests by independent supporters group Blue Action had become more frequent in recent weeks with Town having had another disappointing season and the Blues struggling to stay in the play-off hunt despite the recent appointment of new manager Paul Cook.

Photo: Matchday Images

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HarleydavidsonBlue added 12:09 - Apr 7 Perhaps this is why a lot of the players have not been up for the games of late, because they knew there days were numbered ? C O Y B
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ian_marshall added 12:12 - Apr 7 I've soiled my self
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bluesfan_whatever added 12:13 - Apr 7

Thankyou Marcus You did not have to pay off the debt Particularly after some of the comments on here from a minority of so called fans I just home these individuals will take as mature an approach to supporting the club the manager and Players Less impatience personal attack on particular individuals Slagging people off is not clever and can be of little help to morale Marcus has shown respect and humility as well as saving the club from complete disater The focus is now on the fans to behave in the same way

whymarkwhynot added 12:14 - Apr 7 New owner, new manager, new players(come summer), new hopes, new dreams, ITFC 2.0 to a new golden age ðŸ¤ž
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OldClactonBlue added 12:18 - Apr 7 Yes!!
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EricGatesShinpad added 12:18 - Apr 7 Bright, sunlit uplands....... I bet Deliah is feeling a distinct chill all of a sudden.....
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Northstandveteran added 12:19 - Apr 7 Well that's answered the question of, How will we replace the entire first team without any funds? I do believe that Evans tried his best but sometimes in life, things just don't work out. Let's hope that after all these awful years, town's fortunes will change and make us proud to be Ipswich fans again.
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cat added 12:19 - Apr 7 This is great news and the only way out of current mess. Let's hope we strip the club back to the basics and move forward. Very few of the current squad deserve to get on the pitch next season that's for sure.
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SickParrot added 12:26 - Apr 7 YES
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dirtydingusmagee added 12:28 - Apr 7 got to say ,you were right Victory , at last we can look forward to real change not empty words from an owner that just hasnt achieved anything except get in this pathetic state .
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osborne1nil added 12:29 - Apr 7

Well if it stops those slagging off Marcus Evans week in week out for however many years now, this site will be a more enjoyable place.
Not convinced US Corporate / Pension Fund ownership is ideal but we shall see.
Thanks Marcus for all the money you have put into the Club and sorry it hasn't worked out. Unfortunately some poor managerial appointments and a bunch of players along the way that simply were and are not good enough or have the desire to suceed.
Let's hope this now changes and PC can be given the funds to bring in all the players he wants for future promotions back to the Premiership and finally return to being a team we can be proud of again. COYB

Paddy39 added 12:33 - Apr 7 Paul Cook it looks like you may have some funds to get a team that will play your way. Get rid of those lazy feckers who couldn't beat Rochdale with no shots on target. I don't know what we are paying them for.
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oldelsworthyfan added 12:37 - Apr 7 I have found hard nosed American business men know what and when to invest and not to flog off their very best, appreciating assets (eg Cresswell, Mings, Webster, etc.). They dump non performers without even an apology.
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portman_blue added 12:38 - Apr 7 As a former pension trustee (in UK), I wouldn't be happy if my fund had made this investment. However, if the US fund is rolling in cash and willing to invest, it could be a very good thing for the club.
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Marcus added 12:38 - Apr 7

Thank you Mr Evans for doing your bit to keep the dream alive. ME always had a feel of one of those directors who prefers to be in the background without having someone in the seat who can deal with the supporters. When we always had approachable chairmen with the Cobbolds, Kerr and Sheepshanks this change in approach was interpreted as being hostile. Still, he has invested a huge amount in the club and carried losses greater than any other chairman other (including Sheepshanks). With his core businesses in the hospitality and education sectors the pandemic has been harsh, so a little understanding that he currently isn't in a position to carry more loss and to get something back for his investment is understandable.

Hoping the new chairman will be much more traditional and approachable. Hoping the new investors can realise the potential of the club, invest appropriately and bring back the family feel the club had decades ago. There are numerous unknowns at this stage so fingers crossed!

portman_blue added 12:38 - Apr 7 As a former pension trustee (in UK), I wouldn't be happy if my fund had made this investment. However, if the US fund is rolling in cash and willing to invest, it could be a very good thing for the club.
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maninashed added 12:43 - Apr 7

I'm not sure about this simply because a pension fund has to make a profit on the investment and I can't see where it's coming from in the short term at least. Also, there was no mention of the academy so do they plan to go for level 1 status, the only way to stop others asset stripping it, or are they just going to scrap it. Leaving it as it is, is spending at level 1 costs and only having level protection.

tractorman9 added 12:46 - Apr 7 Over 50 years a supporter this is the best news since the play off final victory , John Lyalls promotion, the glory yerars of Sir Bobby and the awesome Sir Alf. Let's do this !!
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DoctorPolski added 12:47 - Apr 7 So far no-one appears to have asked the big question: Who do we want as shirt sponsors now...?
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ringwoodblue added 12:47 - Apr 7

Watching on with envy last night as our local rivals score goals for fun, play as a team with flair and confidence and look to be returning to the Premier Lge, I felt very depressed about the plight of my beloved club.

Now we have a decent new manager, new ownership with the promise of proper investment in a new group of players we can get behind and be proud of again, the future looks brighter and we can start to dream of playing an East Anglian derby in the Premier Lge again soon.

MerseyBlue added 12:48 - Apr 7 :)
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johnwarksshorts added 12:52 - Apr 7 Thankyou Mr Evans for making sure this takeover met all the necessary safeguards to protect ITFC and for the correct investment plans. Futures looking good. Happy Days.
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JimInGreensboro added 12:58 - Apr 7 Mark Detmer, mentioned above, loves the sport and manages billions in assets. This is a very, very good deal for us. Abut Mark: https://azbigmedia.com/real-estate/commercial-real-estate/mark-detmer-applies-ca
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dirtydingusmagee added 13:05 - Apr 7

in fairness to ME, despite his many failings,he does seem to have tied a good deal up for the club. I just wish it had happened sooner, but ,better late than never they say . He has put his hands up and admitted it didnt work out,so thanks, .WE MOVE ON. I really dont think we have a cats chance in hell of promotion via playoffs, so its down to PC to get as many of these failing players moved on ,and get the players in that can do whats needed Hopefully with a better scouting set up . Think today calls for a jar or two, COYB.

carlisleaway added 13:10 - Apr 7

We have to thank Marcus Evans, because without him him we may have gone bankrupt over the past 15 years. Watching some dour football over the Keene, Jewell, McCarthy, Hurst and Lambert years, what other fans could have put up watching the poor football we have witnessed over this period.
But Premier League, hang on everyone we have to get back to the Championship first and believe this will not happen next season. Have Faith in Cook and cannot wait to see what new players he brings in during the summer. I personally will be quite happy for us just to get back to the Championship and see where that takes us....