Town have announced a change to their ownership structure with PSPRS, the Arizona pension fund which has been the majority shareholder since the Gamechanger 20 takeover in 2021, diluting its investment and the Three Lions, also involved in that takeover, and Clara Vista Partners, who were part of the £115 million Bright Path Partners investment last year, increasing their stakes.

A new entity, Portman Holdings LLC, will be the new majority shareholder in Gamechanger 20, which owns the club, with ORG, which manages funds on behalf of the pension fund, Clara Vista and the Three Lions holding broadly equal stakes.

Portman Holdings will have a 45 per cent stake in Gamechanger 20, Bright Path will maintain its 43 per cent with the rest smaller shareholdings such as Ed Sheeran’s and the Three Lions’ existing shares as a group - Brett Johnson and Berke Bakay - and individually, Johnson, Bakay and Mark Detmer.

The new entity will have a three-man board made up of Ed Schwartz of ORG, Bakay from the Three Lions, and Bob Gold, managing partner of Clara Vista, each with equal power. Gold will also join the Gamechanger 20 board.

No new money will go into the club via the move with shares changing hands between existing groups within the ownership.

PSPRS, the pension fund for Arizona’s police and fire services, had always been expected to reduce its shareholding as time progressed while still retaining its involvement in the Blues.

A statement from the club reads: “Ipswich Town Football Club can today announce changes to its ownership structure.

“The majority shareholder is to become Portman Holdings LLC, following a transfer of shares from ORG Portfolio Management, who remain a key stakeholder.

“Alongside ORG, Portman Holdings LLC is comprised of further investments from the Three Lions fund and Clara Vista Partners, both of whom are also existing investors.

“This newly formed group is the majority owner of Gamechanger 20 Ltd, the parent company of Ipswich Town Football Club.

“Bright Path Sports Partners, Ed Sheeran and the Three Lions fund will continue to maintain their current holdings.

“Since the club was bought in 2021, ORG, which continues to be headed by Ed Schwartz, has managed funds for PSPRS (the Arizona Public Safety Personnel Retirement System) and acted as the club’s majority shareholder.

“Whilst being diluted in their holding, PSPRS retain their investment in the club, with shares transferred from ORG to new majority shareholder Portman Holdings.

“The Three Lions fund, comprising Berke Bakay and Brett Johnson, first invested in the club in 2021. The fund increased their investment in March 2024 and is doing so further via their new investment in Portman Holdings LLC.

“Clara Vista, headed by Bob Gold, remain part of Bright Path Sports Partners and originally bought into the club in March 2024. Clara Vista’s stake in Portman Holdings is in addition to their original investment in the club.

“As part of the changes to the club's ownership structure, Bob Gold joins the board of Gamechanger 20 Ltd.”

Blues chairman and CEO Mark Ashton, who will remain in his roles, said: “This is another important day as we continue to ensure the club is in the best place to maintain what has been an exceptional growth curve over the last few years.

“Central to that growth, in both a financial and cultural sense, has been the investment from PSPRS, led by Mark Steed. While there are now changes to the club’s shareholding, I am delighted the pension fund will continue to play an important role.

“We are incredibly fortunate to have a group of investors, led by Ed Schwartz and ORG, who understand what is required for the club to keep moving forward into what is a bright future for Ipswich Town Football Club.”

Schwartz added: “The club has enjoyed significant growth across so many areas over the last four-and-a-half years and, during that time, has benefited from the guidance, knowledge and expertise of our investors.

“PSPRS, headed by Mark Steed, has played a pivotal role in everything we have been able to achieve over that period and I am delighted that relationship will continue, alongside the strengthening of a number of existing relationships with investors who have all brought great value to the club.”

Gold, speaking on behalf of Portman Holdings, added: “We are delighted to be able to invest further in Ipswich Town. Since initially investing in March 2024, we have been extremely pleased with the progress the club has made across all areas and are excited for the future ahead.”

Bakay, also speaking for Portman Holdings, said: “The progress the club has made, both on and off the pitch, has been significant and it has been an honour to have been involved since the very beginning of this project in 2021. To make a further investment in a club with such a bright future is an exciting step.”

Jake Zahnow from Bright Path added: “We look forward to continuing to work with each of our partners as our exciting venture continues.”

Mark Steed, the chief investment officer at PSPRS, said: “Our investment in Ipswich Town Football Club has been an incredibly important one, both in terms of everything the club has achieved, as well as the clear benefits it has brought to our members when you consider the value we have secured when compared to the original investment in 2021.

“We are proud of everything the club has achieved during the last four-and-a-half years and remain excited for our future.”

In addition to its new shareholding, New York-based Clara Vista will keep its existing stake in Bright Path’s investment in Town.

“Clara Vista is a data-driven sports investment platform built to generate asymmetric outcomes,” its website reads.

“We invest behind strong tailwinds and partner with winning organisations to achieve excellence across every dimension of performance.”

Its website says it is also looking at an investment in La Liga with aims to move into other leagues.

They have investments in companies in the software, movies, music and entertainment industries, including VoyceMe and MutualMarkets.

Gold, as more publicly has the Three Lions’ Johnson, has been looking for investors in order to take some of the pension fund’s shares since the summer.

Now in his late 60s, Gold made his money as the CEO of Ridgeway Capital and was an investor in the energy and technology sectors going back to the 1980s before turning his attention to entertainment and sport more recently.

He is also on the board of the NYU Tandon School of Engineering and NYU School of Law, having been a corporate attorney early in his career, as well as the Massachusetts Museum of Contemporary Art.

Both Gold and Schwartz, in the latter case relating to the Town investment, are on Clara Vista’s leadership and investment committee.

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