Championship side announces huge £105million investment as statement hails ‘landmark day in club’s history’

9 months ago 57

IPSWICH have announced a massive £105million investment into the club.

The Championship promotion hopefuls hailed the move from US-based private equity firm Bright Path Sports Partners as a “landmark day in the club’s history“.

Championship promotion chasers Ipswich have announced a significant new £105million investment[/caption]

The club described it as a ‘landmark day’[/caption]

Bright Path will obtain a 40 per cent share in the club, with company co-founders Jake Zahnow and Phillip Ciano set to take places on the club’s board and joined by primary funder of the investment Sam Simon.

Ed Schwartz, the head of ORG – who have been the main shareholders since 2021 – will remain the majority and controlling party in the club with a 50 per cent stake.

The remaining ten per cent will be made up of smaller investors including the Three Lions fund, who have also recently upped their investment.

The Tractor Boys also confirmed that CEO Mark Ashton would continue in his role in managing the day-to-day operations of the club as Bright Path “provide capital and strategic thinking which will be of significant benefit to the club”.

A statement from Schwartz said: “When we purchased Ipswich Town in 2021, we did so with the initial aim of restoring the club to the Championship and becoming competitive at this level, with the plan always including bringing a partner on board when the time was right.

“The club’s progress means we feel that time is now and we are excited to welcome Bright Path Sports.

“Alongside the continued day-to-day leadership of Mark Ashton, who we are delighted has further committed his future to the club, we look forward to Bright Path bringing significant value to Ipswich Town in the coming years.”

Ashton added: “We are excited to welcome Bright Path Sports on what is another landmark day in the Club’s history.

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“This is a day that further secures the long-term future of the Football Club and gives us the means to move the club forward as we benefit from the wide range of skills and experiences Bright Path’s investors will bring.

“The investment will continue to support the club in both the medium and long term, with the biggest immediate use being to support a number of key infrastructure projects, including the significant redevelopment of the training ground at Playford Road.”

Simon, the lead of Bright Path’s investment said: “We are excited to be making this investment in a brilliant football club.

“We love the history, the potential for the future, the passionate fans and the management of the Club, who are amazing people. We invest in people and this is perfect for us.

“We believe in investing for the future in order to give the team and management the tools to do their jobs and we’re excited to be working together.”

On the pitch Ipswich are in the hunt for automatic promotion under ex-Manchester United coach Kieran McKenna and are one point behind table-toppers Leeds and second-place Leicester.