Former Portsmouth boss Paul Cook given warchest to turn rivals Ipswich into League One force after takeover
Ipswich Town have been taken over - with their new owners promising to spend to get the club into the Championship.
It appears former Pompey boss, Paul Cook, will be given a warchest to deliver promotion after an American company completed their purchase from Marcus Evans.
A new company, Gamechanger 20 Ltd, has bought the club which is 90 per cent owned by investment fund, ORG.
Brett Johnson, Berke Bakay and Mark Detmer, who own US outfit Phoenix Rising, will all own five per cent of the company, while Evans will retain a five per cent stake and former West Brom chief executive, Mike O’Leary, acting as chairman.
Johnson said: We are humbled and excited to be investing in Ipswich Town, one of the finest clubs in the history of English football.
‘We are committed to restoring Ipswich to its former glory. To this end, the first priority is promotion to the Championship and the management team will be given additional funds to strengthen the playing squad.’
Evans admitted his disappointment at not being able to bring top-flight football to Portman Road, and will write off the money the club owes him.
He said: ‘The fund has deep pockets, but by the nature of a pension fund will be fiscally responsible in the use of those funds. In order to meet its investment responsibilities, it will need to invest to secure Premier League status, and it has already committed to making substantial investment in both the club’s playing squad and infrastructure.
‘As part of the transaction, a portion of that historic debt has in effect been written off, leaving the club with a much smaller debt burden and with nearly all club debt owed to the new owners.
‘'I had always wanted to take the club myself to the Premier League and sadly, for too short a window, at one time this had seemed possible.
'However, as important to me as my ambition for the club was, if it didn't work out I wanted to leave the club in not only a more secure financial position than the perilous state in which I found it, but with ownership that provides triple-A financial backing alongside a community ethos.
'I believe I have found this and I look forward to cheering the team on every week as we work our way back to where we all want to be.'
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