Anderson Money Returned

By Aston
January 16 2006

Ipswich Town football club have announced they will be returning the investment made by business man Michael Anderson.

Anderson was due to join the Town board of directors but after it emerged he had been involved with two football clubs in the early 90’s, both of which had financial problems soon after his departure.

 

Town Chairman David Sheepshanks: “The board has considered the position with regard to the proposed share investment by Michael Anderson, I have subsequently had a further discussion with Michael and we have mutually agreed that it would be in the best interests of all concerned that the money deposited with us be returned to his company.

 

“This is made possible by virtue of the fact that the shares had not yet been issued or registered. Therefore Michael Anderson will neither be a shareholder nor a director of Ipswich Town Football Club.

 

“This whole episode has been highly regrettable. The invitation and investment were made and accepted in good faith however following the events of Friday I feel strongly that this decision will be best for both parties.

 

“It is important to emphasise that additional investment was made at the same time as Michael Anderson's and that the Club can afford to make this repayment without adverse affect on the playing squad.

 

“This episode aside, the Club is in a much stronger position than was the case a week ago. Agreement has been reached with our three lenders that will enable a consolidation of the squad over the coming two to three years, and other new investment has been made.

 

“Our new striker Alan Lee has been acquired and we saw a spirited and stirring performance on Saturday from both players and crowd alike that bodes much better for the future. Now we move forward.”

 

Source: Ipswich Town – the official website

 

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