Ipswich agree takeover deal

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The proposed investment will see Evans purchase the Coca-Cola Championship club's approximate £32million debt, as well as investing a further £12million through the issue of new shares.

Chairman David Sheepshanks said: "Marcus Evans' investment is potentially great news for Ipswich Town."

Sheepshanks - who will remain in his post - believes the deal will help the club return to the Barclays Premier League.

"The board have been in discussion with Marcus for some time," he revealed.

"We are pleased now to be able to make this announcement about the deal that, when completed, will enable further investment in Jim Magilton's team-building and our quest to bring Premier League football back to Portman Road."

Magilton's side are currently fourth in the Championship table ahead of Sunday's East Anglian derby with Norwich and Evans insists that the club's potential attracted him.

Evans said: "I believe that Ipswich has great potential to build on its rich footballing heritage. The club has an excellent reputation, both off the pitch and on it.

"The board has done a good job under difficult conditions under the stewardship of David Sheepshanks, who will continue in his role as chairman.

"Jim Magilton and the squad have made a terrific start to the season and will have my full support."