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Last Updated: Friday, 30 May, 2003, 12:03 GMT 13:03 UK
Ipswich exit administration
Ipswich chairman David Sheepshanks
Sheepshanks sees a bright future for Ipswich
Ipswich have officially come out of administration after a Company Voluntary Agreement (CVA) to clear debts of 35m was agreed at the start of this month.

The CVA approvals were accepted by 98% of the club's creditors on 2 May and the 28-day 'cooling off' period which is a legal requirement has now passed.

Ipswich were placed in voluntary administration on 10 February as they struggled financially following relegation from the Barclaycard Premiership.

And chairman David Sheepshanks believes the future now looks brighter.

"Today represents an important milestone in our recovery," he told the club's official website.

" It feels like fresh air after the removal of a suffocating black cloud hanging over the club these past few months.

"There are still further issues to be addressed in the coming weeks and months but I am confident that these can now be successfully negotiated."





IPSWICH TOWN

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