Three Investors pump more money in to Town!

[Fully]

IPSWICH Town have received another major boost with three wealthy investors agreeing to pump more than £750,000 of fresh funds into the club, the EADT can reveal today.

Clacton property developer Kevin Britton is ready to make a cash investment of about £250,000 to the Blues, which could rise to almost £500,000 in five years, while existing shareholders Michael Spencer and director Holly Bellingham have increased their stakes in the club.

The cash boost is welcome news to Ipswich officials and supporters, who are still celebrating the team's win over East Anglian rivals Norwich City on Sunday.

Existing boxholder Mr Britton is close to completing a move to buy 5% of shares in Ipswich Town plc for around £175,000 and purchase loan notes.

Meanwhile, Mr Spencer, whose personal wealth is estimated at £372million, has increased his shareholding in the Blues to 15%, the maximum allowable without the board needing permission from other shareholders.

Ms Bellingham, chair of medical insurance company Marketform, has taken her ownership of the club to around 13% after converting a significant amount of her £415,000 loan notes into shares. She joined the board two years ago, becoming the club's first female director.

Although Mr Britton and Mr Spencer have made the hefty investments, neither plans to join the board of directors at Portman Road.

Mr Spencer said: “David Sheepshanks and the board are doing a first class job in difficult circumstances.

“However, with the benefit of these funds and the long-term investment in the Academy, I have every hope the good times will soon be back at Portman Road.

“David and his fellow directors have again offered me a seat on the board but due to business pressures, I have declined as I'm confident that David and his fellow directors will represent my best interest.”

Town chairman David Sheepshanks last night confirmed the triple investment and said: “This is all tremendously good news for the club.

“Further new investment for which we are very appreciative, coupled with the rescheduling of our long-term debt puts us in an increasingly stronger position for the future.

“Spurred on by the much-improved form on the field, I'm excited about our future prospects and hope that all supporters will feel similarly encouraged.”

Mr Britton, who runs Britton Construction with his wife Jacqueline, a keen Town fan, is also a director of three other companies, Brook Farm management consultancy, Hereditable Development, which are both dormant companies, and Britton Engineering.

Although not a director, we understand Mr Britton has been subject to stringent checks by the Blues and vouchsafed by a senior member of the club's staff.

The Essex-based businessman is a supporter of his local charities and recently sponsored the Tour De Tendring, donating funds to the RNLI. He is also listed as a contributor to Conservative MP Bernard Jenkin's constituency party and was heavily involved in the building of the retail outlet complex at Little Clacton.

With homes in St Tropez, New York, London's Holland Park and Suffolk, Mr Spencer is a fixture in the Sunday Times' Rich List, earning a £5m bonus this year from the world's largest money-broking company Icap.

A known art-lover and keen yachtsman, Mr Spencer splashed out £1m for Robbie Williams to sing at his wife Lorraine's birthday party in St Tropez last year in front of 300 guests.

Ms Bellingham, who lives at Lavenham, is a keen Ipswich fan and attends as many matches as she can home and away, when not travelling to Australia, America and the Far East on business.

[Dazza]

Existing boxholder Mr Britton is close to completing a move to buy 5% of shares in Ipswich Town plc for around £175,000 and purchase loan notes.

Meanwhile, Mr Spencer, whose personal wealth is estimated at £372million, has increased his shareholding in the Blues to 15%, the maximum allowable without the board needing permission from other shareholders

Firstly, what are loan notes when it comes to Shares? Someone explain it to a simple minded idiot like me. I'm looing in your direct Rossi/Dubai Blue!

Also, what share holder would care if some guy put in millions into ITFC? I'd be very surprised if 1 shareholder would say no! No one bought shares because they thought it would make them money!

[Mork]

Existing boxholder Mr Britton is close to completing a move to buy 5% of shares in Ipswich Town plc for around £175,000 and purchase loan notes.

Meanwhile, Mr Spencer, whose personal wealth is estimated at £372million, has increased his shareholding in the Blues to 15%, the maximum allowable without the board needing permission from other shareholders

Firstly, what are loan notes when it comes to Shares? Someone explain it to a simple minded idiot like me. I'm looing in your direct Rossi/Dubai Blue!

Also, what share holder would care if some guy put in millions into ITFC? I'd be very surprised if 1 shareholder would say no! No one bought shares because they thought it would make them money!

A loan note is a method of finance - essentially, it means the investor, takes out and covers the loan, whilst someone else gets the money - so in this case, Mr Britton took out a loan for us (the club) and is covering the debt and making the necessary payments. Nice fella.

[1978greats]

Existing boxholder Mr Britton is close to completing a move to buy 5% of shares in Ipswich Town plc for around £175,000 and purchase loan notes.

Meanwhile, Mr Spencer, whose personal wealth is estimated at £372million, has increased his shareholding in the Blues to 15%, the maximum allowable without the board needing permission from other shareholders

Firstly, what are loan notes when it comes to Shares? Someone explain it to a simple minded idiot like me. I'm looing in your direct Rossi/Dubai Blue!

Also, what share holder would care if some guy put in millions into ITFC? I'd be very surprised if 1 shareholder would say no! No one bought shares because they thought it would make them money!

As Mork has answered the first question dazza, I'll answer the second....No of course the shareholders wouldn't mind money being pumped into the club but part of our being shareholders means that if anyone wants to invest more than 15% we have to have an EMG to disscus this and yes they need our 'permission'.....you have to be aware of 'dodgy' money or bad investors so this is why this happens....If after the EGM all are happy with the potential investor then 'permission' would be granted

[Bluebird]

Existing boxholder Mr Britton is close to completing a move to buy 5% of shares in Ipswich Town plc for around £175,000 and purchase loan notes.

Meanwhile, Mr Spencer, whose personal wealth is estimated at £372million, has increased his shareholding in the Blues to 15%, the maximum allowable without the board needing permission from other shareholders

Firstly, what are loan notes when it comes to Shares? Someone explain it to a simple minded idiot like me. I'm looing in your direct Rossi/Dubai Blue!

Also, what share holder would care if some guy put in millions into ITFC? I'd be very surprised if 1 shareholder would say no! No one bought shares because they thought it would make them money!

There are key difference with loan notes as opposed to shares, in that interest is paid against the notes, and there is no risk as the money would be returned to the investor even if the club went bump. Whereas with shares you get bugger all back and potentially lose the lot.

If you can afford it loan notes are the smarter option

[the-mole]

Man so if mr spencer is actually worth £372m - surely a little bigger investment would go astray LOL!!!

Still all good news - would be nice if we could attract a few more people with his finances behind them!!!

Only problem is that as shares count for votes shareholdings never give a true representation of fan feelings!!!

But at least the guy doesn't seem as dodgy as the last fella!

[1978greats]

Man so if mr spencer is actually worth £372m - surely a little bigger investment would go astray LOL!!!

Still all good news - would be nice if we could attract a few more people with his finances behind them!!!

Only problem is that as shares count for votes shareholdings never give a true representation of fan feelings!!!

But at least the guy doesn't seem as dodgy as the last fella!

He's not ....He also turned down a seat on the board, he's a fan like us but is too busy to commit himself....Holly Bellingham also has several million!!..is also a fan, im really happy with this news today.

[Dubai Blue]

Well Dazza I'm not sure what Rossi would think about being lumped inthe same bracket as me

Looks like we were beaten to it anyway by better brains.

In addition to the above it is worth mentioning that there is no limit to the amount of loan notes that can be held and also that holding loan notes does not confer any voting rights whereas owning shares of course does.

Have to say that clearly the super rich and ourselves live on different planets. If I was worth 372 million I too would be happy to throw away 5 million on ITFC but it seems that those with the most money count their pennies far more tightly than we do. Maybe that is how they get so rich in the first place. Did you ever calculate how much money will go through your hands in your lifetime ? .........

[Mork]

Remember there's a huge difference with regards to what your worth, and what spare cash you have.

372 million is a lot sure, but its properly mostly tied up in ownership of assets such as stock, property and very little in actual cash.

If you count the value of my house, I'm worth a shitload more than I would ever have available in cash

[MMJR67]

i guess any new money is good,but what good will it do over a three year period,with the debt we have?in my opinion coverting loan notes into shares just means we dont have to pay them back,but they now own a bigger piece of the club...these little investments only go toward our company overhead,its not enough to pay down our debt or strenghten the club.just my opinion

[ippers]

Clacton property developer Kevin Britton is ready to make a cash investment of about £250,000 to the Blues, which could rise to almost £500,000 in five years, while existing shareholders Michael Spencer and director Holly Bellingham have increased their stakes in the club.

Didn't know anyone in Clacton had that much money , and if you did why you would want to live here

[squiz18]

I suppose the money will go towards the debts rather than a transfer budget for loanees or the summer ?