BBC SPORT Arabic Spanish Russian Chinese
BBCi NEWS   SPORT   WEATHER   WORLD SERVICE   A-Z INDEX    SEARCH 

BBC Sport
 You are in: Football: Teams: Ipswich Town  
Sport Front Page
-------------------
Football
Teams
Statistics
FA Cup
Eng Prem
Internationals
Champions League
Uefa Cup
Eng Div 1
Eng Div 2
Eng Div 3
Eng Conf
Scot Prem
Scottish Cup
Scot Div 1
Scot Div 2
Scot Div 3
Europe
Africa
League of Wales
Cricket
Rugby Union
Rugby League
Tennis
Golf
Motorsport
Boxing
Athletics
Other Sports
-------------------
Special Events
-------------------
Sports Talk
-------------------
BBC Pundits
TV & Radio
Question of Sport
-------------------
Photo Galleries
Funny Old Game
-------------------
Around The UK: 
N Ireland
Scotland
Wales

BBC Sport Academy
BBC News
BBC Weather
SERVICES
-------------
LANGUAGES
EDITIONS

Thursday, 13 February, 2003, 00:46 GMT
Ipswich reveal restructure plan
Ipswich are desperate to consolidate their cash problems
Troubled times financially at Portman Road
Ipswich have applied for a temporary administration order as they seek to deal with their financial problems.

A news conference at Portman Road revealed the move as Town became the latest club relegated from the Premiership to suffer financial difficulties.

They follow Leicester and Bradford in having money troubles since dropping out of the top flight.

We have sought strenuously to avoid this eventuality by all reasonable means

Ipswich chairman David Sheepshankss

The club are keen to stress they are not going into full administration.

Under the terms of temporary administration, the existing club management will stay in place while they try to rebuild their finances.

Financial company Deloitte and Touche will act in a supervisor's role.

Tractor Boys' chairman David Sheepshanks claimed the club were left with no choice.

Sheepshanks said: "We have sought strenuously to avoid this eventuality by all reasonable means.

Ipswich chairman David Sheepshanks
David Sheepshanks was unable to avoid the nasty medicine

"However, in the end, it has proved impossible to cope with the immense financial burden caused by relegation from the Premiership and what followed.

"Ultimately we have simply not been able to cope with the net loss of some 15m of income caused by relegation and the almost immediate collapse of the transfer market.

"That has prevented us from trading players to right the ship on a scale that would previously have been possible.

"The demise of ITV Digital and the introduction of new transfer windows only served to exacerbate our problems."

Jamie Clapham was sold to Birmingham during the January transfer window for 1.5m, but that has not been enough to solve the difficulties.

Hermann Hreidarrson and Matt Holland turned down big-money moves earlier in the season and there have been no takers for Finidi George and Martijn Reuser.

But Sheepshanks insisted the club had no regrets about their transfer policy in recent years.

"Even with hindsight I doubt whether the board would have deprived the manager with funds for new players of his choice to consolidate Premier League status," said Sheepshanks.

In November Ipswich revealed a loss of 3.3m during the last financial year and recently laid off 18 non-football staff.

Click here for all the latest from the My Club section


Match coverage
See also:

13 Feb 03 | Eng Div 1
13 Feb 03 | Ipswich Town
Links to more Ipswich Town stories are at the foot of the page.


 E-mail this story to a friend

Links to more Ipswich Town stories

© BBC ^^ Back to top

Sport Front Page | Football | Cricket | Rugby Union | Rugby League |
Tennis | Golf | Motorsport | Boxing | Athletics | Other Sports |
Special Events | Sports Talk | BBC Pundits | TV & Radio | Question of Sport |
Photo Galleries | Funny Old Game | N Ireland | Scotland | Wales