David Sheepshanks placated shareholders and reiterated the importance of promotion at Ipswich Town's annual meeting last night.

In a one-hour meeting, nowhere near as stormy as the one at Manchester United and far more civilised, Sheepshanks outlined the club's financial position.

At Old Trafford shareholders, angered by proposals from Sky to mount a takeover, were thrown out, at the Centre Spot a packed house listened in silence to a 23 minute speech from the chairman which defused any potential disquiet.

Sheepshanks explained why Alex Mathie, Danny Sonner and Mauricio Taricco had to be sold.

Sheepshanks explained they could not wait until the end of the year to sell Taricco due to overdraft pressures.

He said: "The sale was absolutely necessary. We are not dealing with a static overdraft but an accumulating deficit."

He added: "Your directors, as guardians of the club, are not empowered to play roulette with the club no matter how much we think the dice are loaded in our favour."

Sheepshanks insisted the club would not be floating on the Stock market for the foreseeable future.

He explained to do so now would only raise a one off £500,000 to £1 million but would not be enough to remedy problems.

He revealed one supporter had sent in a £1,000 donation with no strings.

Sheepshanks admitted the Bosman Ruling meant Bobby Petta could still be another player on the move.

Petta is entitled to sign for another club from December 31, with Town receiving no fee, but carry on playing for Ipswich until the end of the season.

Legal costs in the dispute with Colchester United and the Ian Crook from Norwich affair accounted for most of the £373,752 expenses.

"Something which particularly sticks in my craw, said Sheepshanks.

Converted for the new archive on 19 November 2001. Some images and formatting may have been lost in the conversion.