for those that didn't understand it all when the news first broke
read the points at the end of the article very carefully, then tell me exactly where it says that even 1 penny of the debt is actually being written off:
1. Marcus Evans Investments Ltd will acquire all of the debt that is owed by Ipswich Town to Norwich Union and Barclays, which amounts to £32million.
Marcus Evans Investments will effectively step into the shoes of Norwich Union and Barclays.
From now this debt will be intra-group debt owed to the Marcus Evans Group in its capacity as controlling shareholder of the club.
2. One of two anticipated significant debts owed to parties outside the Marcus Evans Group will be £2.6million in respect of convertible loan notes, which will be unaffected by this transaction and will continue to be owed by Ipswich Town plc to the loan note holders.
The other is £1million owed to the Bank of Scotland, which is secured on the club's training ground.
3, Marcus Evans Investments could theoretically over time be repaid by the club.
However, in practice such a return is unlikely to be available to Marcus Evans Investments without the club achieving a long run in the Premier League, which in itself is likely to involve significant investment in the club.
Posted By: blindasabat on December 3rd 2007 at 12:22:11
Message Thread
- Filth takeover complete bar the shouting, let's hope it bite's them on the arse! (Other Football) - BSE Canary, Dec 3, 12:07:45
- Many on here have wished the same could happen to us (Other Football) - Cannydc, Dec 3, 12:36:07
- I would care where it came from... (Other Football) - Brom, Dec 3, 12:41:15
- I think a lot of people would care where it came from. (n/m) (Other Football) - Hertz van Rental, Dec 3, 12:38:50
- speak for yourself... (n/m) (Other Football) - blindasabat, Dec 3, 12:37:44
- Not me particularly (Other Football) - Cannydc, Dec 3, 12:40:44
- Name them. (Other Football) - Arizona Bay, Dec 3, 12:43:32
- Good point about the stupid naevity (Other Football) - Cannydc, Dec 3, 12:46:38
- more investment is needed (Other Football) - megson, Dec 3, 12:50:26
- Good point about the stupid naevity (Other Football) - Cannydc, Dec 3, 12:46:38
- Name them. (Other Football) - Arizona Bay, Dec 3, 12:43:32
- Not me particularly (Other Football) - Cannydc, Dec 3, 12:40:44
- for those that didn't understand it all when the news first broke (Other Football) - blindasabat, Dec 3, 12:22:11
- IF you had 30 odd million of dirty money that required laundering (Other Football) - Tomblander, Dec 3, 12:24:00
- What A Naive, Pathetic Article! (Other Football) - Martin Peters, Dec 3, 12:17:27
- you mean (Other Football) - Charles21, Dec 3, 14:32:17
- Yes, there's no attempt at journalistic indepedence or critique (Other Football) - BerlinCanary, Dec 3, 12:18:58
- This seems somewhat premature "IT is Premier League here we come." (Other Football) - BerlinCanary, Dec 3, 12:16:08
- screenshot of that'd be worth keeping (Other Football) - Tomblander, Dec 3, 12:18:11
- WERE FUCKING LOADED, LA LA LA LA! BOTL@CARROW RD HA HA LOSERS, FOOKIN LOSERS! (n/m) (Other Football) - DUFFYIN, Dec 3, 12:11:42
- More information here............ (Other Football) - BSE Canary, Dec 3, 12:16:42
- Many on here have wished the same could happen to us (Other Football) - Cannydc, Dec 3, 12:36:07
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