US-led takeover of Ipswich Town 'likely back on' according to latest searches seen by commerical property solicitor Paul Munnings
An Ipswich-based solicitor believes an US-led takeover of Ipswich Town Football Club is 'likely back on' after priority HM Land Registry searches were renewed on three parcels of land this morning.
Paul Munnings, who is a commerical property associate with Ipswich-based solicitors Prettys, first revealed the searches relating to the Playford Road and Bent Lane training ground areas in Town owner Marcus Evans' name on the TWTD fans' forum on March 2.
It followed the Athletic's exclusive article on February 26 that a group of American investors led by 51-year-old Los Angeles-based businessman Brett Johnson was on the verge of buying the Sky Bet League One club for £17.5 million.
At the time he said the applications, lodged by law firm Gateley PLC out of their Birmingham office in respect of an intended purchase by Gamechanger 20 Ltd led him to believe a "takeover is well under way and likely just waiting EFL approval".
His research showed Gamechanger 20 Ltd to be a company linked to American-based football investors Brett M Johnson, Berke Bakay and Mark Detmer who are behind US sides Phoenix Rising FC and FC Tucson, while Johnson is also a part owner in Danish side FC Helsingor.
But on March 15 it was reported that the group's interest had stalled with no further reports surfacing since.
This was all despite current owner Marcus Evans, who is reported to have been raised in Walsham-le-Willows, near Bury St Edmuds, issuing a letter to supporters playing down talk of a takeover.
From today, however, the searches on the land have been renewed by the same law firm acting on behalf of the same client.
Munnings previously explained that “a priority search is typically only carried out in the immediate days before an exchange of contracts so this is likely to mean that a conditional contract for the takeover of the club is already in place.
“The fact that the searches remain on the register at the time of writing suggests a deal has likely been agreed or is imminent and may be announced by the English Football League in the coming days.”
He also said priority on searches is afforded for 'around 45 days' meaning the test would be whether it was extended past April 8.
With that now happening on the 36th day, ahead of the Easter holidays, he believes it is significant in suggesting the takeover deal by the group is far from over.
Writing on the TWTD forum today under his alias 'Muncher' he posted: "The deal is likely back on, Gateleys have just lodged further searches 2 minutes ago.
"So what can we take from this? At a very basic level the Gamechanger deal is sufficiently "live" from their point of view that they want to preserve their priority position.
"The timing of it is interesting, on the one hand you could say they are coming to the end of their period of protection and with Easter in the middle of it they don't want to inadvertently let it lapse over Easter, but it won't lapse until 8 April, a full 2 days after everyone is back working. So to me, that's a little bit on the premature side of things as they are generating a week and half of overlap between their searches, i.e. 25%.
"Someone at Gateleys, probably a junior solicitor was up and logged on to the portal to renew the searches at around 8:40am, so fairly early if this was a "routine" extension, so you could perhaps infer that there is some significance about today in particular, i.e. it one of the nice easy things to get out of the way early in the day on your long list of pre-completion tasks..."
Portman Road itself would not need to be the subject of searches, given the land the stadium sits on is owned by Ipswich Borough Council and leased to the club.
Ipswich Town, who currently lie 11th in the League One table but just two points off a play-off place, are next in action on Friday when they host Bristol Rovers (3pm).
Read more: All the latest Ipswich Town FC news
