Berke Bakay (centre) is now one of the key decision makers at Ipswich Town following an ownership restructure.
Ipswich Town have announced a major ownership restructure.
Since the big US takeover in April 2021, ORG has managed funds for majority shareholders PSPRS (the Arizona Public Safety Personnel Retirement System). The nature of that pension fund is where the club’s ‘running towards adversity’ mantra comes from.
PSPRS has slowly started to cash in some of their chips over the last two years though after a fast and significant return on investment, with US private equity firm Bright Path Sports purchasing a 40% stake for £105m in March 2024.
Now, after further dilution of ORG/PSPRS’ shares, the majority shareholding has tipped in favour of Bright Path Sports and original investors the ‘Three Lions’.
It’s now come to light that Bright Path Sports are working closely with Clara Vista as part of their investment. The latter, led by Bob Gold, who joins the board, are described as a ‘Data Driven Sports Investment Platform’.
The EADT and Ipswich Star understands no fresh money has been injected at this juncture and that Ed Schwartz (ORG), Berke Bakay (Three Lions) and Gold (Clara Vista) are now the joint three main decision makers.
A club statement reads: “The majority shareholder is to become Portman Holdings LLC, following a transfer of shares from ORG Portfolio Management, who remain a key stakeholder. Alongside ORG, Portman Holdings LLC is comprised of further investments from the Three Lions fund and Clara Vista Partners, both of whom are also existing investors. This newly-formed group is the majority owner of Gamechanger 20 Ltd, the parent company of Ipswich Town Football Club.
“Bright Path Sports Partners, Ed Sheeran and the Three Lions fund will continue to maintain their current holdings.
“Since the club was bought in 2021, ORG, which continues to be headed by Ed Schwartz, has managed funds for PSPRS (the Arizona Public Safety Personnel Retirement System) and acted as the club’s majority shareholder. Whilst being diluted in their holding, PSPRS retain their investment in the club, with shares transferred from ORG to new majority shareholder Portman Holdings.
“The Three Lions fund, comprising Berke Bakay and Brett Johnson, first invested in the club in 2021. The fund increased their investment in March 2024 and is doing so further via their new investment in Portman Holdings LLC.
“Clara Vista, headed by Bob Gold, remain part of Bright Path Sports Partners and originally bought into the club in March 2024. Clara Vista’s stake in Portman Holdings is in addition to their original investment in the club.
“As part of the changes to the club’s ownership structure, Bob Gold joins the board of Gamechanger 20 Ltd.”
Chairman Mark Ashton said: “This is another important day as we continue to ensure the club is in the best place to maintain what has been an exceptional growth curve over the last few years.
“Central to that growth, in both a financial and cultural sense, has been the investment from PSPRS, led by Mark Steed. While there are now changes to the club’s shareholding, I am delighted the pension fund will continue to play an important role.
“We are incredibly fortunate to have a group of investors, led by Ed Schwartz and ORG, who understand what is required for the club to keep moving forward into what is a bright future for Ipswich Town Football Club.”
Ed Schwartz, co-founder and principal of ORG, said: “The club has enjoyed significant growth across so many areas over the last four-and-a-half years and, during that time, has benefited from the guidance, knowledge and expertise of our investors.
“PSPRS, headed by Mark Steed, has played a pivotal role in everything we have been able to achieve over that period and I am delighted that relationship will continue, alongside the strengthening of a number of existing relationships with investors who have all brought great value to the club.”
Speaking on behalf of Portman Holdings LLC, Bob Gold added: “We are delighted to be able to invest further in Ipswich Town. Since initially investing in March 2024, we have been extremely pleased with the progress the club has made across all areas and are excited for the future ahead.”
Berke Bakay, speaking on behalf of Portman Holdings LLC, said: “The progress the club has made, both on and off the pitch, has been significant and it has been an honour to have been involved since the very beginning of this project in 2021. To make a further investment in a club with such a bright future is an exciting step.”
Speaking on behalf of Bright Path Sports Partners, Jake Zahnow congratulated ORG, Clara Vista and the Three Lions fund, adding: “We look forward to continuing to work with each of our partners as our exciting venture continues.”
Mark Steed, Chief Investment Officer at PSPRS, said: “Our investment in Ipswich Town Football Club has been an incredibly important one, both in terms of everything the club has achieved as well as the clear benefits it has brought to our members when you consider the value we have secured when compared to the original investment in 2021.
“We are proud of everything the club has achieved during the last four-and-a-half years and remain excited for our future.”
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