Evans set to give Town more cash

MULTI-millionaire Ipswich Town owner Marcus Evans is likely to pump more money into the club if the team misses out on promotion at the end of this season.

Duncan Brodie

MULTI-millionaire Ipswich Town owner Marcus Evans is likely to pump more money into the club if the team misses out on promotion at the end of this season.

Funds from the �12million cash injection which formed part of the deal under which the corporate hospitality entrepreneur took control of the club a year ago remain available for manager Jim Magilton to strengthen the squad during the current transfer window.

But a statement on the club's financial performance last season, being circulated to shareholders from today, reveals that its cash balances are likely to be exhausted by the end of the current campaign - unless it secures the multi-million pound windfall that would come from joining the Premier League elite.


You may also want to watch:


And with Mr Evans remaining committed to securing promotion - from which he stands to make a substantial profit on his investment in the club -his Bermuda-based holding company, Marcus Evans Investments, which now owns the club's �32million debt as well as being its majority shareholder, is set to stump up further funding.

Club chief executive Derek Bowden - sensitive to the risk of other clubs demanding inflated prices for Town's transfer targets - declined to be drawn on the question of additional investment.

Most Read

But the “financial highlights” statement being issued to shareholders says: “The economics of competing in the Championship means that the club's existing cash balances are likely to be exhausted by the end of the 2008-09 season and should ITFC not be promoted at the end of the season further funding will need to be provided by MEI as principal shareholder/debtor.”

Promotion to the Premier League holds the prospect of a substantial return for Mr Evans, as the club would be able to start repaying the debt he acquired from Norwich Union and Barclays under the deal which gave him control of the club.

The loans were originally taken out by the club during its previous spell in the Premier League in order to fund the redevelopment of the North and Greene King stands together with improvements at its training ground.

It was the club's inability to service the interest on the debt, following its subsequent relegation from the top flight, which eventually tipped it into administration.

Become a Supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Become a Supporter
Comments powered by Disqus