Sheepshanks is to continue as Ipswich chairman
Ipswich Town's board has agreed to sell a majority stake in the club to private businessman Marcus Evans.
The proposed investment will see Evans purchase the Championship club's approximate £32m debt.
He will invest a further £12m through the issue of new shares to become the majority owner and shareholder.
Chairman David Sheepshanks, who will remain in his post, said: "Marcus Evans' investment is potentially great news for Ipswich Town."
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