Why have ITFC's American owners issued £18m of new shares?
Ipswich Town's new American owners have issued £18million worth of shares. But why? - Credit: PA
Ipswich Town's American owners have issued £18million worth of new shares, but a football finance expert warns that doesn't necessarily mean new signings are imminent.
According to documents filed with Companies House, Gamechanger20, which now holds the majority of Ipswich Town's shares, issued the shares on April 7 — the day the takeover was officially announced.
Typically a company will issue new shares when it needs to raise cash by selling some of their business. But, according to Price of Football author Kieran Maguire, this does not mean Town are about to make a splash on the transfer market.
He said: "They have issued shares, therefore cash is coming into Gamechanger20, it's probably going to be used to either buy shares [in the club] from Marcus Evans or repay the debt [the club owes to Evans].
"It also looks as if they were tidying up their finances, so that would suggest they're paying down their debts."
As part of the £40million takeover deal, Marcus Evans was reported to be getting a 5% stake in Gamechanger20, and Mr Maguire believes the issuing of shares could be linked to this.
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"I suspect that some of the shares will be issued to Marcus Evans in lieu of his loans," he said.
"He is the most significant creditor of the football club. And in all probability this money will be for issues to do with the financing or funding of the club.
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"It's all good news from what I'm seeing. There is more cash coming into the holding company, but how that cash will be spent is uncertain."
Mr Maguire did seek to temper fans expectations somewhat, adding: "If somebody claims to have seen Mbappé in an Ipswich coffee shop — I suspect it's not linked to this."
