Ipswich Town has announced that a group of US investors take over a 40% stake in the club. In the deal, Bright Path Sports Partners will fund around $132 million to grab a minority stake in the team. Ipswich is currently third in the EFL Championship table and looking to earn promotion to the Premier League. The Tractor Boys have not featured in the top flight since 2002.
Despite the deal, fellow United States group ORG will retain a 50% majority control of the club. The firm previously purchased its stake back in 2021. The remaining 10% is under the ownership of smaller investors. Current Ipswich CEO Mark Ashton will also continue running the day-to-day operations inside the team as well.
ORG co-founder Ed Schwartz revealed on Friday that eventually selling a piece of the team was always his intention. “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,” stated Schwartz.
“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.”
Tractor Boys previously beat some of Europe’s top teams
Ipswich Town was previously founded way back in 1878 but did not officially become a professional team until 1936. While not currently being a Premier League club, the Tractor Boys have an interesting history in European competitions. They have previously beaten perennial powerhouses AC Milan, Inter Milan, Barcelona, and Real Madrid.
Despite the impressive victories in previous decades, Ipswich has remained outside of the English top flight in recent years. Things, however, are starting to look up for…
Source link : https://worldsoccertalk.com/news/us-investors-purchase-stake-in-ipswich-for-132-million
Author : Chris Moore
Publish date : 2024-03-22 18:36:49
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