Ipswich Town takeover confirmed

ORG, an Amercian Investment fund have taken over Ipswich Town after agreeing a deal with owner Marcus Evans.

A new company, Gamechanger 20 Ltd, has been formed to buy the club, with ORG owning a 90% stake.

Americans Brett Johnson, Berke Bakay and Mark Detmer will jointly own 5% of the company, with Evans standing down but still owning the remaining 5%.

Former West Brom chief executive Mike O'Leary will be Ipswich chairman, with a "UK-based" CEO to be appointed.

In a statement, Evans - who owned the Suffolk side for more than 13 years - said ORG "manage funds on behalf of a large US pension fund", with Ed Schwartz acting as their representative on the board.

Johnson, Bakay and Detmer manage the Three Lions fund, and will "oversee and manage the business" alongside O'Leary.

"We are humbled and excited to be investing in Ipswich Town, one of the finest clubs in the history of English football," Johnson said.

"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 said "a very fair price" has been agreed for his equity in the club and he has waived "much of the club's outstanding debt", meaning "nearly all" of the remaining debt is owed to the new owners.