CHUFFED and GUTTED

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Ipswich Official Site
Investment returned to Michael Anderson
Town Chairman David Sheepshanks has issued a statement saying that it's been mutually agreed that money Michael Anderson invested in the Club will be returned to him.
"The board has considered the position with regard to the proposed share investment by Michael Anderson," says the Chairman.
"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
http://www.itfc.premiumtv.co.uk/page/NewsDetail/0,,10272~768776,00.html


January 13: Ipswich Official Site

Club statement on Michael Anderson
As a result of an article in a national newspaper Michael Anderson has offered not to take up his position on the board of Ipswich Town Football Club. This has been accepted while the situation is reviewed.
The Club has issued the following statement:-Michael Anderson has informed us of his brief involvement in two football clubs in the early 90's (Aldershot and Kettering Town) and the fact that he was encouraged to invest on the basis of false information. In fact, he advises us that it was he who called the police to investigate the irregularities that he discovered at Aldershot.He has assured us that there has been no wrong doing on his part at any time and regrets that he did not reveal this information during the extensive interview process that we undertook. Before being accepted as a director we took references and checks both through lawyers and accountants, which gave him a clean bill of health.
He has also signed the new 'Fit and Proper Person' certificate as required both by the Football League and ourselves.After satisfying these checks we accepted Michael's substantial investment in the Club in return for a 15% equity stake and offered him a seat on the board.Club Chairman David Sheepshanks said: "Although very disappointed that we were not made aware of Michael's previous involvement in football, despite our extensive interview process, we have actually seen no proof of any wrong doing on his part, indeed he claims the opposite. "He has made a substantial and irrevocable investment in the Club in the hope that he can fulfil his ambition to be involved in professional football at this level. However, in order to minimise embarrassment, Michael has quite properly offered not take up his directorship that had yet to be ratified and we have accepted this until the matter is cleared up as I hope it quickly will be. His investment remains in the Club. "This is a very unfortunate turn of events but must not detract from the good news of the week regarding the Club's improving financial position and our investment in the playing squad. All attentions are very much focussed on the match against Sheffield United." http://www.itfc.premiumtv.co.uk/page/NewsDetail/0,,10272~767752,00.html


BBC - Ipswich return Anderson's money

Chairman David Sheepshanks believes the club is in good shapeIpswich Town have decided to pay Michael Anderson back after he bought 15% of the Portman Road club.
The pharmaceutical magnate had hoped to join the board but failed to reveal his previous involvement at Aldershot and Kettering in the 1990s.
After an investigation by the club it has been mutually agreed the deal will not take place.
Chairman David Sheepshanks said: "It would be in the best interests of all concerned that the money is returned."
The shares have not been registered or issued, enabling the deal to be cancelled.
Sheepshanks said the club would be able to pay the money back without it affecting the playing staff after other investment was secured at the same time.
Ipswich signed Alan Lee from Cardiff City last week for £100,000.
Sheepshanks told the club's website: "It is important to emphasise that additional investment was made at the same time as Michael Anderson's and the club can afford to make this repayment without adverse effect on the playing squad.
"The club is in a much stronger position than was the case a week ago."
http://newsvote.bbc.co.uk/sport2/hi/football/teams/i/ipswich_town/4616348.stm