for those that didn't understand it all when the news first broke

read the points at the end of the article very carefully, then tell me exactly where it says that even 1 penny of the debt is actually being written off:

1. Marcus Evans Investments Ltd will acquire all of the debt that is owed by Ipswich Town to Norwich Union and Barclays, which amounts to £32million.

Marcus Evans Investments will effectively step into the shoes of Norwich Union and Barclays.

From now this debt will be intra-group debt owed to the Marcus Evans Group in its capacity as controlling shareholder of the club.

2. One of two anticipated significant debts owed to parties outside the Marcus Evans Group will be £2.6million in respect of convertible loan notes, which will be unaffected by this transaction and will continue to be owed by Ipswich Town plc to the loan note holders.

The other is £1million owed to the Bank of Scotland, which is secured on the club's training ground.

3, Marcus Evans Investments could theoretically over time be repaid by the club.

However, in practice such a return is unlikely to be available to Marcus Evans Investments without the club achieving a long run in the Premier League, which in itself is likely to involve significant investment in the club.

Posted By: blindasabat, Dec 3, 12:22:11