Ipswich reveal investment boost

[Mighty T.A.L.]

Ipswich Town have confirmed businessman Marcus Evans is set to take over the Championship outfit.

Evans will own 87.5 per cent of the Suffolk club once the deal, which is conditional upon the completion of due diligence, is finalised.

The proposed private investment includes taking on the club's approximate £32million debt along with ploughing a further £12million into the club via the issue of new shares.

Existing shareholders in the Portman Road outfit will retain their holding in the club, albeit in a minority group.

Ipswich chairman David Sheepshanks believes Evans' investment is great news for the club as it will allow manager Jim Magilton to further strengthen his squad.

"Marcus Evans' investment is potentially great news for Ipswich Town," Sheepshanks told the club's official website. "The board have been in discussion with Marcus Evans for some time.

"We are pleased now to be able to make this announcement about the deal, that when completed, will enable further investment in Jim Magilton's team building and our quest to bring Premiership football back to Portman Road."

Ipswich's prospective new majority shareholder Evans has immediately given his backing to manager Magilton and has no plans to bring in a new man at the helm.

"Jim Magilton and the squad have made a terrific start to the season and will have my full support," he stated.

"I am delighted to be able to support the club of which I have long been an admirer. I believe that Ipswich Town has great potential to build upon its rich footballing heritage."

Source: Skysports

[pseudonym]

Will be the ultimate opportunity for Town once it's in black and white and the ink has dried.

[Budgiebasher]

If it comes off it will be brilliant, debt cleared and money to spend, hopefully then push on to where we ultimately need to be, the premiership, as i can't see someone investing that much to be happy with Championship football