Town chairman David Sheepshanks is writing to fans urging them to take part in the share issue. The club needs to raise at least £1.25 million through the issue of the shares in order to gain sufficient working captial for the next 12 months.

Sheepshanks says in the letter going out to 18,000 fans: "The recapitalisation of the club is paramount. By the same token, I cannot emphasise enough that an unsuccessful share issue could seriously jeopardise our future."

Should the issue be successful then Sheepshanks says Town supporters would own the majority of the club: "If the offer of 250,000 shares is subscribed in full, and the loan notes fully converted, then the combined new shares would account for approximately 90% of the voting rights. In other words, new investors would then collectively own the vast majority of the club."

Town have received an increased number of applications since Christmas, but the expectation was always that most would look to invest close to the January 19th deadline.

Jim Magilton and the rest of the squad have pledged their support to the offer, the club skipper saying: "The players are more than happy to take this step.

"This is a whole new experience for me but when you have been at this club for a while, and you feel as much a part of it as I and the other players do, then it is a natural step."

BBC commentator John Motson, swimmer Karen Pickering, Busted star Charlie Simpson and world darts finalist Kevin Painter are also backing the issue.

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