New Town co-owner Mark Detmer says one of the advantages of being partnered with a pension fund, such as Arizona’s Public Safety Personnel Retirement System (PSPRS), who own 90 per cent of new Blues owners Gamechanger 20 Ltd, is their “very long time horizon”.

TWTD first reported in February that the then-proposed takeover was being backed by the pension fund of a US state’s fire and police service and revealed after the deal had been completed that PSPRS was that fund.

PSPRS, whose chief investment officer is Mark Steed, was established in July 1968 to “provide a uniform, consistent and equitable statewide retirement program for Arizona’s public safety personnel”. The fund is worth $13 billion (£9.47 billion) with $700 million (£510 million) in cash.

A US investment fund called ORG manages funds on behalf of PSPRS with Edward Schwartz their representative on the Gamechanger 20 board.

Detmer, speaking to TWTD and Blue Monday in the first podcast of what will be an ongoing collaboration, was asked how PSPRS got involved in the takeover.

“Through relationships, like anybody. And, of course, at this point there’s only so much I can say about that,” he said.

“But they’re great partners of ours, they’re committed to see the project through. They have capital, we have capital to commit but it’s not just about capital.

“As you’ve seen, Marcus [Evans] is very passionate about the club and spent a lot of money on the club and it didn’t yield the results that you would all have liked to have seen, so it’s not just about capital.

“The PSPRS brings capital to the table as well as partnership and again at this point, culture. And those are the things that we’re really hitting on, and connecting in the community.”

Pension funds becoming involved in the purchase of sports teams is not as unusual as it might first appear, although often their involvement is more opaque as their investment is pooled with others in wider funds.

One example of an investment in North American sport is the Ontario Teachers Pension Fund's investment in ice hockey side the Toronto Maple Leafs.

“That’s right, it’s not uncommon,” Detmer continued. “Maybe we’re trendsetters [in the UK]. You might see more of this type of transaction going forward.”

One concern fans may have is that the fund might be on a tight timescale to make a profit from Town. Detmer says otherwise.

“That’s the nice thing about pension funds, their time horizon is very, very long,” he said. “It’s not about trying to come in like certain groups that try to, I hate to say make a quick buck, that’s not a good characterisation, but to try to turn something really quick.

“They’re not at all like that. They’re very much aligned with us that we need to create the building blocks to go up to the Championship and at that point build the club and the support and stadium and everything around it going then to the Premier League.

“They’re aligned with us in that mission and that vision but they have a very, very long time horizon associated with it.”

Detmer says he, his fellow Three Lions, Brett Johnson and Berke Bakay, and PSPRS are aware that it’s impractical to aim for reaching the Premier League in just a couple of years.

“It’s unrealistic as much as we’d all love to see that happen,” he said. “It’s taken decades to end up back in League One, it will take time for us to get back to the Championship and then hopefully [fulfil] our vision to be in the Premier League.”

Photo: Blue Monday

Linkboy13 added 16:02 - May 13 To get back into the premier league in the next five to ten years is very optimistic. If you look at the teams that get promoted from league one eighty percent of them get relegated back into league one. I think not getting promoted this year has given Cook more time to build a team better prepared to stay up if we did go up.
6

blues1 added 16:16 - May 13 Linkboy13. You are right about teams coming back down to league1. The reason for that though, is they dont have the money to invest at the level required for the championship. That clearly wont be the case if/when we get up. In fact, much the reverse.
6

RobITFC added 16:20 - May 13 "Bristolpost" reporting a £40 million cash fund for Cook, doubt this is true, but certainly sounds like the cash is there for Cook if he needs it.
1

Billericay12 added 16:33 - May 13 He'll need a few quid to spend if it's true that he has said all the current squad can go !!! It needed something like that though. I have spent hours this season pondering what players if any are actually good enough and I struggled to make a case for more than a handful so as harsh at it may be let's get what we can for any players under contract and stick it in the kitty towards the new squad. ITFC supporters haven't had any solid reasons for optimism for years. This is just what we need. Roll on the new season. I for one will be buying a season ticket and looking forward to the ride !

2

SohoBlue added 17:16 - May 13 It's just great to have investors showing passion and belief. That's not meant as an indictment of Marcus Evans, just a nice thing to see. It's a long cycle, we're in a trough, they see us reaching a peak, and that the signs are there. Great fans. Great club. Great opportunity. This is modern football as a business...we are lucky to have great brand equity built up by fabulous heritage and achievements. It got us on the radar, it's given us an opportunity. Exciting and uncertain, yes, but we're at least MOVING again. Onwards and we all only hope upwards...! COYB!

1

cooper4england added 22:47 - May 13 I am no expert and I can't believe that I'm raising this as an issue,....... When we get into the premier league (don't laugh) and we make this pension league a few million, what happens then? Money made, one year of telly cash.... then thanks very much, investors are happy, who gives a monkey's as you now plummet back down!
1

Oldozblue added 02:35 - May 14 Good luck Ipswich! I am still amazed a pension fund would invest in something as risky as a Football Club. I have a UK and o/s pension and there is no way my o/s fund would invest in something like this. I can just about see it if they were investing in the big six - Manchester, Liverpool, North London Clubs who rarely get relegated from the Premiership. But Ipswich are a club similar to Leicester, Sheffield United, Aston Villa, Burnley, Blackburn, Bolton, Norwich, Fulham etc who yoyo between the Premier League and Championship and occasionally fall to League One. Relegation brings financial hardship and losses. Cannot imagine even if they are long term a Pension Fund would hang around long with the losses relegation brings. But it has happened - so good luck - but there are risks all around

0

BonchosBicycle added 13:06 - May 14 If we were making the fund money in the Premier, then why would they want to sell? Why one year of telly cash and off? Surely they'll take as many years of telly cash as they can get. If in say seven years we are still failing to make the playoffs, then I'd be much more worried about their stomach for it.
0

TractorRoyNo1 added 14:10 - May 14 Well that should shut up a few of the "worried sick"
0

wilnisfan added 03:35 - May 18 Hurst bought 11 players and got us relegated. Not only did he buy poorly but the decent players become demotivated by the sudden influx. It still hung over us and players performances weren't what we expected. Cook seems to be trying to shock the team into a reaction and push those he doesn't want out instead of seeing out their one year extension. But buying 11 players never ever worked before. I'm very interested to hear how many he will keep on. Let's say he did buy 11 players, he would need serious work on the training ground so would need to bring a majority of them in early, and that means paying a higher price. Which doesn't sound like what the article is implying

0

Blogs 295 bloggers

Ipswich Town Polls