Piswich Twon - the Shame of Anglia

User Posted Link



“Ipswich Town Ist were surprised to discover from the Annual Report and Accounts that the chairman of the club received a bonus of £25,000 in the year to June 30th 2006. We understand that this was awarded by the remuneration committee of Ipswich Town plc for meeting pre-determined targets. The remuneration committee is comprised of non-executive members of the board of directors.

In response to a question from a member of the Trust at its AGM last Thursday, club chief executive Derek Bowden confirmed that Town had met its final obligations under the Company Voluntary Arrangement (CVA) which was agreed when the club came out of administration in 2003. This agreement included paying only 5p in the pound to the club's unsecured creditors, many of which were small local businesses who as a result suffered significant losses. This being the case, how can the chairman morally justify accepting this bonus payment? Should he not make a gesture such as donating the money to the club's academy or making additional personal payments to those unsecured creditors that lost out and to whom he must have some responsibility?”

Posted By: Old Git, Apr 20, 15:07:24