Summary
Ipswich Town Football Club is one of the most storied franchises in English football, with a heritage stretching back to 1878 and a rare record of winning both the English league title and the UEFA Cup. After a 2021 acquisition by U.S.-based Gamechanger 20 Limited, the club achieved back-to-back promotions from League One to the Premier League under Chair and CEO Mark Ashton, with revenue growing from under £10M to over £150M. Following relegation at the end of 2024/25, Ipswich currently competes in the EFL Championship and is in the promotion race. It is the only professional sports club in Suffolk and consistently sells out its 20,000+ seat stadium.
Background
Founded in 1878, Ipswich rose to prominence under Sir Alf Ramsey and Sir Bobby Robson, winning the FA Cup (1978) and UEFA Cup (1981) and finishing fifth in the Premier League as recently as 2000–01, before financial difficulties dropped the club to League One by 2019. In April 2021 a consortium led by ORG Portfolio Management and the Three Lions Fund acquired the club through Gamechanger 20 Limited, installing Mark Ashton as Chair and CEO.
The English Premier League is among the most commercially valuable football leagues in the world. EPL clubs have typically traded at roughly a 2.5x EV-to-revenue multiple versus about 11.9x for the NBA and 9.3x for the NFL, which the Fund views as making English football a comparatively undervalued asset class. Figures are provided by the club/company and are not guaranteed.
Why the Champion Fund invested
- Entry into the English Premier League ecosystem, among the most-watched, highest-revenue in football, at a valuation multiple the Fund believes is well below North American leagues.
- Proven management: Mark Ashton's team delivered back-to-back promotions from League One to the Premier League in three years.
- A geographic monopoly, the only pro club in Suffolk, with sold-out season tickets and among the EFL's highest average attendance.
- Durable revenue (media rights, matchday, commercial) that complements higher-growth technology and venture positions elsewhere in the portfolio.