Ed Schwartz, who leads Ipswich Town’s majority owners ORG, has stressed that the group will not be taking any money out of the club following the news that Bright Path Sports have taken up a 40% share.

The move will see the US-based private equity firm put £105 million into the Blues, with CEO Mark Ashton claiming that the deal has been in the works since promotion to the Championship was secured at the end of last season.

Schwartz clarified what Jake Zahnow and Phil Ciano – the co-founders of Bright Path – will bring to the table at Portman Road, but also revealed that no finances will be taken out of the club, with the Three Lions Fund also bringing extra investment.

“Jake Zahnow and Phil Ciano are the two principles with Bright Path, along with a gentleman in Jim Laporte,” Schwartz explained to Town TV. “The three of them are the partners in Bright Path, and we’ll be seeing them regularly at Portman Road.

“They have a number of investors that they’ve brought into their vehicle and their group that we’ll see from the US.

East Anglian Daily Times: Schwartz was full of praise for Bright Path Sports and the Three LionsSchwartz was full of praise for Bright Path Sports and the Three Lions (Image: © Copyright Stephen Waller)

“ORG, on behalf of the pension fund, is not taking any money out of this club. We have rededicated ourselves to this investment and we will still maintain control at 50% ownership.

“Bright Path and its investors will have 40%, and the remaining, which includes Three Lions, will have 10% of the club. That’s how the ownership will look.

“The Three Lions have been incredible and supportive. They’re actually bringing more capital to the table as well. Their commitment is increasing, which we’re really excited about.

“These are very successful people [Bright Path Sports] that run successful businesses in industry, in sports, and we think that’ll be very additive to what we’re doing. We’re very excited about bringing all these new people into our family.”