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£500 bid for Ipswich Town rejected

PUBLISHED: 05:06 25 February 2003 | UPDATED: 16:20 24 February 2010

A MEASLY £500 offer to buy Ipswich Town has been rejected out of hand by the club's administrators.

The mystery bidder was sent a letter of thanks for the approach, which was politely declined.

A MEASLY £500 offer to buy Ipswich Town has been rejected out of hand by the club's administrators.

The mystery bidder was sent a letter of thanks for the approach, which was politely declined.

Blues chairman David Sheepshanks last night admitted he did not think the offer was serious and administrators Deloitte & Touche are in no position to entertain a bid at this stage.

Mr Sheepshanks said: "As far as I'm aware no genuine bid has been made for Ipswich Town. I understand someone offered £500 but it was not taken seriously.

"As much as the administrator can receive offers it is not in his brief to sell the assets of the club. He is here to achieve the company voluntary agreement."

Mr Sheepshanks dismissed reports that creditors were to be offered ten pence in the £1 for what was owed.

The figure appears to emanate from the amount offered to 13 other football clubs who have been in administration in the past year, with more promised if they are promoted.

Mr Sheepshanks said: "No decision has been made and it would be dangerous for people to speculate how much is going to be offered at this stage."

Administrators Nick Dargan, who handled the Leicester City administration, and Nick Edwards, have been pouring over the books at Portman Road for two weeks, and they refused to comment on when creditors would know how much they would be offered.

They also declined to comment on whether any other bids to buy a stake in the club had been received, or if any players had been subjected to further approaches following Newcastle United's move for some of the club's teenage stars.

Stationers, caterers, builders, the St John's Ambulance Brigade, Suffolk County Council and police are believed to be among those owed money.

It is understood Town's total debt is around £45m, which includes a £25m bond secured on a percentage of future season ticket sales.

The playing staff have been asked to take a pay deferral of around 20 per cent, following a ten per cent voluntary deferral triggered last October.

Talks are ongoing this week with Blues captain Matt Holland, the players' union representative Mick Maguire from the Professional Footballers Association (PFA) and the club's administrators.

Relegation, which meant the loss of £25m television money, an annual players wage bill of £24m and the collapse of the transfer market, have all been contributing factors in Town's financial collapse.


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