Town could announce their second share issue in the space of two years during the close season. TWTD understands that the possibility of another share issue has been discussed by the board and that the club's failure to win promotion is likely to have increased the chances of fans once again being asked to invest in the club.

The previous offer of shares around Christmas 2003 initially raised £1.3 million, rising to £1.7 million after the period of issue was extended by two additional weeks. This gave the club an additional 2,777 new shareholders, taking the overall total to around 3,500.

It could be that it is these existing shareholders who are asked to invest again through a rights issue, a process which is far less expensive than another general issue of shares.

Town, more than £30 million in debt, continue to be subject to the Company Voluntary Arrangement (CVA) agreed when the club came out of administration in May 2003 and will again make a more than £350,000 payment to preferential creditors in September.

Norwich Union, who supplied the bond which helped build the two new stands, will also be due their annual payment of nearly £1.5 million.

If the club does decide to issue more shares, Joe Royle's hand in the transfer market could be strengthened ahead of Town's fourth successive challenge for promotion to the Premiership.

Photo: Action Images

Ipswich Town Polls