The club announced yesterday that majority control of Gamechanger 20 Ltd has passed to Portman Holdings LLC, bringing together existing investors under a new structure.
The club would not comment on valuation, but sources indicate the £350m figure is broadly accurate. The Athletic's Matt Slater, a well-respected football finance reporter, first reported the valuation, which represents a near-tenfold increase on the reported £40m paid by Arizona's PSPRS pension fund in 2021.
Bloomberg subsequently reported an enterprise valuation of £375m, falling to £325m without promotion this season, though sources suggest The Athletic's £350m figure is more reliable.
Why it matters: The reported £350m valuation would represent a near-tenfold return for PSPRS, the Arizona pension fund which acquired the club when it was in League One.
If accurate, the valuation would also represent a Championship record. Gamechanger sold a 40% stake in March 2024, reported variously as involving Marc Lasry's Avenue Sports fund and Bright Path Sports Partners. Lasry, the billionaire former co-owner of the NBA's Milwaukee Bucks and founder of Avenue Capital Group, remains a significant investor in the restructured ownership.
The club employs approximately 300 people and has committed to infrastructure projects, including upgrades to the training facility at Playford Road and the regeneration of Portman Road.
The details: Shares have been transferred from ORG Portfolio Management, which manages PSPRS funds, to newly formed Portman Holdings LLC. ORG remains a "key stakeholder" but at a reduced level.
Portman Holdings comprises:
ORG Portfolio Management (reduced stake, continuing investment)
Three Lions fund (Berke Bakay and Brett Johnson, making further investment)
Clara Vista Partners (Bob Gold, making an additional investment)
Marc Lasry's Avenue Sports fund and Bright Path Sports Partners maintain their approximate 40% stake, while Ed Sheeran retains his 1.4% stake purchased in August 2024.
What they're saying: Mark Ashton, Ipswich Town chairman and chief executive, 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 changes to the club's shareholding, Ashton said he was "delighted the pension fund will continue to play an important role."
By the numbers: PSPRS serves approximately 24,000 Arizona firefighters, police officers and prison officers. Under manager Kieran McKenna, Ipswich secured back-to-back automatic promotions – finishing second in League One in May 2023 with 98 points, then second in the Championship in May 2024 with 96 points. The Blues were immediately relegated from the Premier League last season following their 22-year return to the top flight.
Bloomberg reported that PSPRS has "locked in a sizable gain" through the partial sale of its stake, though the pension fund has not disclosed the exact amount realised or the size of its remaining shareholding.
The other side: The club's official statement made no reference to any valuation figure. The Athletic reported on Wednesday that the deal values the club at "more than £350m", which would represent a Championship record if accurate.
Sources close to the club indicate The Athletic's £350m figure is broadly accurate. The same valuation range first appeared in July, when trade publication EFL Analysis reported the ownership group was inviting external investment at £350m to £375m.
Bloomberg reported a higher enterprise valuation of £375m, which would fall to £325m if promotion is not secured this season, though sources suggest The Athletic's reporting is more reliable. The club has not confirmed any valuation figure or contingent structure.
The big picture: Sport finance expert Dr Dan Plumley, associate head of business development at Sheffield Hallam University's Business School, said the £350m valuation is "accurate in a sense" based on share sales and ownership percentages, but he would be "wary of it based on broader football finance intuition."
Plumley noted that Newcastle sold for £305m in 2021 and that Everton recently sold for more than £400m. Using standard revenue multiples of around double turnover, he estimated Ipswich would be valued closer to £180m based on estimated Championship revenue of approximately £90m this season. "I would still say to hit those kind of numbers though (£350m) you should be in the Premier League at least," he said.
However, he noted that "ultimately, some valuations are based on what people are prepared to pay" and that Ipswich "do have a strong balance sheet and are in a good spot generally." On American investment, Plumley said investors see English clubs as "undervalued assets (with significant upside) compared to American franchises" with potential for good returns through the promotion and relegation system.
He warned: "Getting back into that league before the parachute money runs out will be crucial to maintaining value in the club in the next few years."
The bigger picture: The restructure raises questions about PSPRS's long-term strategy. Private equity investments typically have holding periods of four to seven years, and PSPRS has now owned the club for four-and-a-half years – suggesting this may represent a managed partial exit while retaining exposure to potential future gains.
Much of Ipswich's current revenue comes from parachute payments – financial support for relegated Premier League clubs – estimated at around £90m across the reduced two-year parachute cycle for clubs relegated after a single top-flight season, with year one heavily front-loaded. Without promotion, turnover could fall sharply after these payments end in summer 2027.
As of early December 2025, the club sits seventh in the Championship, in contention for playoff positions. The extent to which the valuation depends on promotion remains unclear, though Bloomberg reported a contingent structure where the valuation would fall to £325m without promotion this season.
What's next: Bob Gold joins the board of Gamechanger 20 Ltd, the parent company of Ipswich Town, as part of the changes. Mark Ashton will continue to lead and manage the day-to-day running of the club.
The changes come mid-season as Ipswich pursues an immediate return to the Premier League under McKenna. The January transfer window may indicate the new ownership structure's investment intentions.
The bottom line: Ipswich Town's ownership restructure marks a significant shift after four-and-a-half years of PSPRS majority control. The reported £350m valuation – understood to be broadly accurate but not officially confirmed – represents a remarkable near-tenfold appreciation for a club purchased for a reported £40m.
Key questions remain about whether any contingency is tied to promotion, the extent of PSPRS's realised gains, and whether the valuation can be sustained as parachute payments taper off without a return to the Premier League.
