Town have added Michael Anderson to its board of directors. The 52-year-old group president of pharmaceutical company Flairford has invested in a 15% stake in the club.

Chairman David Sheepshanks welcomed the appointment: "I am very pleased to welcome Michael as a director. He is an experienced businessman who has built a successful organisation in the USA and with his skills he will make a valuable contribution to board.

"He has also made a substantial investment to the value of 15% of the company, within the limits agreed with shareholders.

"The new arrangement that has, after many months of work, been finalised with our three main lenders [Norwich Union, Barclays and the Bank of Scotland], provides us with a strong platform from which to mount a concerted campaign to be promoted back to the Premiership over a three season period.

"It enable us to build on our existing squad of fine young players without financial pressure to sell and it makes us more attractive with regard to investment in the club going forward.

"The new arrangement with our lenders was pivotal in attracting this new investment from Michael and other existing shareholders who have also increased their stake. These investments have facilitated the purchase of Alan Lee from Cardiff City today."

Anderson, who has recently moved back to North Essex after a spell living in Tampa in Florida, is delighted to have been appointed: "It is a great thrill to be asked to join the board of a club whose fortunes I have followed closely for many years now.

"Up to a couple of months ago I had never met David Sheepshanks or Derek Bowden. However, I have been greatly impressed by their vision and energy and I am looking forward to working, along with my fellow directors, to help continue the excellent work that is already being done to get this club back to the top flight."

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