Chairman: I'm Staying

[Riviera]

Chairman David Sheepshanks says he is determined to stay at Potrman Road and leave the club in a better state than he found it despite protests from fans at recent games. However, Sheepshanks also reiterated that if an acceptable significant investor comed forward they can take control of the club.

Sheepshanks, paid around £70,000 a year for his two-day a week role at Portman Road, says that Town would not benefit from him standing aside: "If I walk away then, presumably, the whole board moves over, then that would just leave the club in a state of flux.

"Where would the creditors be, the bank, the manager, the whole organisation? It's a complete nonsense."

Recently chief executive Derek Bowden revealed that an investment of £4-£5 million would give an individual or consortium a controlling interest in the club as long as shareholders gave their approval.

Sheepshanks prices a controlling stake slightly higher than that: "If everybody were to convert their loan notes to shares, it would cost between £5 million and £6 million for someone to buy the majority stake of the club."

The chairman denied that the club is in crisis despite being more than £30 million in debt: "We are constrained but we are in a reasonably sound position."

Sheepshanks says that Town continue to look for investors but are yet to find anyone interested.

Town's annual report and accounts for the year ending in June 2005 will be released next week with the AGM set for December 1st.

[the-mole]

Chairman David Sheepshanks says he is determined to stay at Potrman Road and leave the club in a better state than he found it despite protests from fans at recent games. However, Sheepshanks also reiterated that if an acceptable significant investor comed forward they can take control of the club.

Sheepshanks, paid around £70,000 a year for his two-day a week role at Portman Road, says that Town would not benefit from him standing aside: "If I walk away then, presumably, the whole board moves over, then that would just leave the club in a state of flux.

"Where would the creditors be, the bank, the manager, the whole organisation? It's a complete nonsense."

Recently chief executive Derek Bowden revealed that an investment of £4-£5 million would give an individual or consortium a controlling interest in the club as long as shareholders gave their approval.

Sheepshanks prices a controlling stake slightly higher than that: "If everybody were to convert their loan notes to shares, it would cost between £5 million and £6 million for someone to buy the majority stake of the club."

The chairman denied that the club is in crisis despite being more than £30 million in debt: "We are constrained but we are in a reasonably sound position."

Sheepshanks says that Town continue to look for investors but are yet to find anyone interested.

Town's annual report and accounts for the year ending in June 2005 will be released next week with the AGM set for December 1st.

What an egotistical freak!!! perhaps he would like to tell us why he is so indensible to the club and why he warrants being paid £70,000 for 2 days work???

Sounds like a desperate man making desperate statements. In order for him to leave us in a better position then when he arrived is going to take a f**king miracle - one which he cannot perform. Does he seriously think that the whole board would go just coz he moved - get your head out of your arse!!!

If he spent more time doing his job instead of getting his face in the media I am sure we would be a far healthier position!!!

[Kheffan]

you will have to excuse me i might not have all the facts but Leeds were reportedly 120 million in the red and now they are not . now i know that Ken Bates hes a fair wad of cash but 120mill' to give away like that. and we can't seem to deal with a 30 million deficit, or am i missing something glaringly obvious.

[Bluebird]

you will have to excuse me i might not have all the facts but Leeds were reportedly 120 million in the red and now they are not . now i know that Ken Bates hes a fair wad of cash but 120mill' to give away like that. and we can't seem to deal with a 30 million deficit, or am i missing something glaringly obvious.

These statements about our finaces are some what misleading in my opinion. I believe this debt of £30 million consists of a £6million overdraft and £24million loan term loan (mortgage) relating to the stands.

I think the real problem is the lack of short term working capital to fund the day to day running of the club at a level that would enable the club to sustain a serious promotion challange.

It is clearly the responsibilty of the board to ensure that the business is adequately funded. They either can't or choose not to provide this additional finance, therefore the only way forward is to find someone who will.

From the various statements issued it appears the board want to remain in place, and play with someone elses money. This may not be an attractive proposition for potential investors. For example, our resident multi-millionaire Rossi, has made it clear on many occassions he will not invest in the club while Sheepy remains on the board

IMO the ideal solution would be someone with sufficient funds and business acuman to enable the club to develop, that person to control the finances of the club, keeping Sheepy as a figure head to utilise his contacts in the footballing world!

[Kheffan]

From the various statements issued it appears the board want to remain in place, and play with someone elses money. This may not be an attractive proposition for potential investors.

wouldn't we all like to play with somebody elses money.

[Bluebird]

From the various statements issued it appears the board want to remain in place, and play with someone elses money. This may not be an attractive proposition for potential investors.

wouldn't we all like to play with somebody elses money.

Are you Sheepy in disguise???

[Kheffan]

From the various statements issued it appears the board want to remain in place, and play with someone elses money. This may not be an attractive proposition for potential investors.

wouldn't we all like to play with somebody elses money.

Are you Sheepy in disguise???

no just another welsh sheep shagger

[Bluebird]

From the various statements issued it appears the board want to remain in place, and play with someone elses money. This may not be an attractive proposition for potential investors.

wouldn't we all like to play with somebody elses money.

Are you Sheepy in disguise???

no just another welsh sheep shagger

Confession is good for the soul!!!

[Dubai Blue]

If a potential investor slaps a 6 mill wad of cash on the table I think it would be hard for the board to insist on staying. They might want to but a single investor taking a 51% stake could do pretty much whatever he wants.

If it were me investing 6 million with no experience of running a footy club, I think I would want the board to stay anyway. Perhaps eventually to aim for evolution rather than revolution. Didn't we get into this financial mess in the first place because of inexperience at running a footy club ? we must have one of the best qualified board in the country to run a club by now.

[rossi]

you will have to excuse me i might not have all the facts but Leeds were reportedly 120 million in the red and now they are not . now i know that Ken Bates hes a fair wad of cash but 120mill' to give away like that. and we can't seem to deal with a 30 million deficit, or am i missing something glaringly obvious.

These statements about our finaces are some what misleading in my opinion. I believe this debt of £30 million consists of a £6million overdraft and £24million loan term loan (mortgage) relating to the stands.

I think the real problem is the lack of short term working capital to fund the day to day running of the club at a level that would enable the club to sustain a serious promotion challange.

It is clearly the responsibilty of the board to ensure that the business is adequately funded. They either can't or choose not to provide this additional finance, therefore the only way forward is to find someone who will.

From the various statements issued it appears the board want to remain in place, and play with someone elses money. This may not be an attractive proposition for potential investors. For example, our resident multi-millionaire Rossi, has made it clear on many occassions he will not invest in the club while Sheepy remains on the board

IMO the ideal solution would be someone with sufficient funds and business acuman to enable the club to develop, that person to control the finances of the club, keeping Sheepy as a figure head to utilise his contacts in the footballing world!

Now come on, BB........when did I ever mention the word multi???

[Bluebird]

you will have to excuse me i might not have all the facts but Leeds were reportedly 120 million in the red and now they are not . now i know that Ken Bates hes a fair wad of cash but 120mill' to give away like that. and we can't seem to deal with a 30 million deficit, or am i missing something glaringly obvious.

These statements about our finaces are some what misleading in my opinion. I believe this debt of £30 million consists of a £6million overdraft and £24million loan term loan (mortgage) relating to the stands.

I think the real problem is the lack of short term working capital to fund the day to day running of the club at a level that would enable the club to sustain a serious promotion challange.

It is clearly the responsibilty of the board to ensure that the business is adequately funded. They either can't or choose not to provide this additional finance, therefore the only way forward is to find someone who will.

From the various statements issued it appears the board want to remain in place, and play with someone elses money. This may not be an attractive proposition for potential investors. For example, our resident multi-millionaire Rossi, has made it clear on many occassions he will not invest in the club while Sheepy remains on the board

IMO the ideal solution would be someone with sufficient funds and business acuman to enable the club to develop, that person to control the finances of the club, keeping Sheepy as a figure head to utilise his contacts in the footballing world!

Now come on, BB........when did I ever mention the word multi???

Its unlike you to be modest Rossi, surely your not mellowing in your old age???