Big Blues investor moves up Rich List
IPSWICH Town shareholder Michael Spencer has shot up 40 places to 98th in the Sunday Times Rich List with a personal fortune of £614million.The City trader, who has a house in Suffolk, is head of Icap, the world's biggest money-broker.
By Derek Davis
IPSWICH Town shareholder Michael Spencer has shot up 40 places to 98th in the Sunday Times Rich List with a personal fortune of £614million.
The City trader, who has a house in Suffolk as well as London, New York and the south of France, is head of the world's biggest money-broker Icap, valued at £2.6billion, in which he has a £514m stake. The 50-year-old increased his wealth by £242m in the year since the list was last published.
Spencer has almost 15% of Town shares after investing £250 when the first issue was launched and recently invested around £100,000.
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Along with Town director Holly Bellingham, Spencer is joint largest shareholder but is not a football fan as such and has shown no interest in controlling the club.
Spencer was introduced to the club by chairman David Sheepshanks, who is a personal friend, but any further investment would depend on how many shares are sold in the planned second issue which is due to be announced formally at the beginning of May.
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Town's chief executive Derek Bowden last night welcomed any further investment by the club's wealthiest shareholder but warned it may be a limited amount. Bowden said: “If Michael were to be interested in further investment then, of course, he would be welcome but we have a self-imposed limit of 15% maximum stake allowed in the club.
“That would mean we would have to look at what would be allowed. Michael is not a football man but rather a friend of the chairman and his investment has been more in support of David and the board rather than for football reasons.”
A recent board meeting passed a motion backing a second share issue and once the odds and ends have been tied up an EGM will be called asking shareholders to also accept the plans.