The facts surrounding Marcus Evans

Seeing as you are all so interested, and seeing that I'm studying for a Phd in Economics I thought I'd enlighten you as to exactly what is happpening south of the border.

Marcus Evans is a very shrewd businessman who has made millions and millions of pounds making very sound business acquisitions. He is also someone who, unlike Delia, does not appear to have an ego that requires his face to be in the newspapers every day.

He has done a deal with Norwich Union (or Morley Fund Management if you want to split hairs) and Barclays to buy Ipswich's £37m debt for a mere £8m or so. He is also investing a further £12m directly into the club. They are now effectively debt free (with £12m to spend on improving the squad) and Marcus has a vested interest of £20m. With me so far?

This means he has bought a potential premiership club (who whether you like it or not have a premiership infrastucture in terms of stadium, academy, footballing tradition / heritage etc, support base etc) for a mere £20m.

Premiership football is worth around £60m per season so he will recoup his investment very easily if and when they are promoted (which is largely when more than if now although it pains me to say it).

It is in his interests to develop them as a Premiership club in order to maximise his return but even if this doesn't happen he now has a potential premiership asset (which debt free will now actually run profitably due to the absence of external finance) for only £20m.

The fact that they do not own the land that the stadium is built upon is a huge plus for them as it means that no-one can buy the club and turn the ground into luxury flats (as could happen with Norwich potentially in the same situation). The land is in the public domain and owned therefore by the people of Ipswich giving them huge protection and meaning they are protected from an unscrupulous investor.

Whether or not they have screwed creditors is an irrelevent argument really, particularly as around 30 clubs have now been through administration (which is effectively almost half the entire football league). Norwich themselves are over £20m in debt and if relegated this season could well be going down the same road (and in fact would already have been through administration if it wasn't for the fact that the likes of Delia & Michael, and Geoffrey Watling have propped the club up). Trying to take the moral high ground over this is pointless as very soon more clubs will have been through administration at some time then will have avoided it (and remember not many are lucky enough to have sugar mummies who have saved them!).

This is a total win / win situation for both Ipswich and Marcus Evans and the fact that he isn't even wanting any hands on involvement in the club makes it even more galling for Norwich fans.

The fact is that Norwich have had financial assistance for years and Ipswich are now getting the same - it's not fair but then again neither is Frank Bruno's arse.

I hope that you now understand the situation although if I can help explain further then please do not hesitate to contact me lol

Posted By: Kebbsy on November 3rd 2007 at 10:50:28

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