Ipswich chairman, David Sheepshanks, speaking to the club website said: "I am very pleased to welcome Michael as a director. He is an experienced businessman who has built a successful organisation in the USA and with his skills he will make a valuable contribution to board.
"He has also made a substantial investment to the value of 15% of the company, within the limits agreed with shareholders.
"The new arrangement that has, after many months of work, been finalised with our three main lenders (Barclays, the Bank of Scotland and Norwich Union) provides us with a strong platform from which to mount a concerted campaign to be promoted back to the Premiership over a three season period.
"It enable us to build on our existing squad of fine young players without financial pressure to sell and it makes us more attractive with regard to investment in the club going forward.
"The new arrangement with our lenders was pivotal in attracting this new investment from Michael and other existing shareholders who have also increased their stake. These investments have facilitated the purchase of Alan Lee from Cardiff City today."
Mr Anderson, 52, himself said: "Up to a couple of months ago I had never met David Sheepshanks or Derek Bowden. However, I have been greatly impressed by their vision and energy and I am looking forward to working, along with my fellow directors, to help continue the excellent work that is already being done to get this club back to the top flight."