Trouble in paradise...

MULTI-millionaire Ipswich Town owner Marcus Evans is likely to pump more money into the club if the team misses out on promotion at the end of this season.

Funds from the ?12million cash injection which formed part of the deal under which the corporate hospitality entrepreneur took control of the club a year ago remain available for manager Jim Magilton to strengthen the squad during the current transfer window.

But a statement on the club's financial performance last season, being circulated to shareholders from today, reveals that its cash balances are likely to be exhausted by the end of the current campaign - unless it secures the multi-million pound windfall that would come from joining the Premier League elite.

And with Mr Evans remaining committed to securing promotion - from which he stands to make a substantial profit on his investment in the club -his Bermuda-based holding company, Marcus Evans Investments, which now owns the club's ?32million debt as well as being its majority shareholder, is set to stump up further funding.

Club chief executive Derek Bowden - sensitive to the risk of other clubs demanding inflated prices for Town's transfer targets - declined to be drawn on the question of additional investment.

But the ?financial highlights? statement being issued to shareholders says: ?The economics of competing in the Championship means that the club's existing cash balances are likely to be exhausted by the end of the 2008-09 season and should ITFC not be promoted at the end of the season further funding will need to be provided by MEI as principal shareholder/debtor.?

Promotion to the Premier League holds the prospect of a substantial return for Mr Evans, as the club would be able to start repaying the debt he acquired from Norwich Union and Barclays under the deal which gave him control of the club.

The loans were originally taken out by the club during its previous spell in the Premier League in order to fund the redevelopment of the North and Greene King stands together with improvements at its training ground.

It was the club's inability to service the interest on the debt, following its subsequent relegation from the top flight, which eventually tipped it into administration.
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Am I right? Marcus Evans paid six million for the club's 32 million debt. So presumably he is currently taking from the club the interest on the 32 million? At the original rate or at a lower rate commiserate with the credit crunch situation and low interest rates that now exist? Whatever, Marcus Evans is certainly a sharp cookie. However he should be aware that the goose that lays his golden egg is gradually getting skinnier, namely the supporters, who I think expect a little more for their money now. Such as better coaching and better management for the good players we undoubtedly have but are not allowed to, or shewn how to, play to their full potential both individually and as a team.
JOHN BURLS, HARWICH

What's the point in giving jim money to spend? at the start of the season we were thinking promotion, play off at an ease, big club with money! wahay! mr evans made us an ambitious club.. And then jim magilton thought he'd buy a defender and a striker from relegated clubs! a striker that in his 8/9 years as a pro has only had 1 good goal scoring season. Hmm yes, interesting. not only that, he decided he'd sign all his old friends.. Players that couldn't get us in the premier league 3/4/5 seasons ago.. Let alone now! he signs darren ambrose on loan.. A player that can't even get a game at his own club, that are at the bottom, yes bottom of the championship! i can see only loan signings in this transfer window.. Which means mr magilton will be asked to leave at the end of this season. yes jim has been a good servant for itfc, yet maybe.. Just maybe he should have taken that offer from oxford.
Craig Evans, Ipswich

What's the point in giving jim money to spend? at the start of the season we were thinking promotion, play off at an ease, big club with money! wahay! mr evans made us an ambitious club.. And then jim magilton thought he'd buy a defender and a striker from relegated clubs! a striker that in his 8/9 years as a pro has only had 1 good goal scoring season. Hmm yes, interesting. not only that, he decided he'd sign all his old friends.. Players that couldn't get us in the premier league 3/4/5 seasons ago.. Let alone now! he signs darren ambrose on loan.. A player that can't even get a game at his own club, that are at the bottom, yes bottom of the championship! i can see only loan signings in this transfer window.. Which means mr magilton will be asked to leave at the end of this season. yes jim has been a good servant for itfc, yet maybe.. Just maybe he should have taken that offer from oxford.
Craig Evans, Ipswich
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Posted By: UtterlyHuckerby, Jan 9, 07:29:56