Town made an operating loss of £10.32 million in the financial year ending June 2009. The loss was expected with owner Marcus Evans bankrolling transfer purchases and player wages as he seeks to get the Blues into the Premier League.

The figures are revealed in an information sheet supplied to shareholders in the PLC, which owns 12.5% of the club, outlining the overall club’s financial position sent along with the annual report and accounts for the PLC ahead of its AGM in the Sir Bobby Robson Suite at Portman Road on Tuesday 24th November.

The club’s operating loss in the previous year was £4.29 million with the rise no surprise with the 12 months to June 2009 Marcus Evans’s first full year at the club after his takeover in December 2007.

During the year to June 2009, player and coaching staff costs rose from £8.34 million in 2007/08 to £11.88 million, as a percentage of turnover that’s a rise from 52.7% to 81.1%. Overall staff costs are up to £15.94 million from £12.57 million, which represents 108.8% of the club’s annual turnover compared with 79.5% a year ago.

While player costs have increased significantly, the club saved £300,000 on administrative expenses during 2008/09.

Turnover was down from £15.8 million in 2007/08 to £14.7 million 2008/09 with commercial income down from £6.94 million in 2007/08 to £6.01 million and income from the Football League, including TV and radio fees, down to £1.93 million from £2.29 million a year earlier. Gate receipts were up from £6.58 million to £6.7 million.

The information sheet reveals Town’s current situation regarding debt: “At 30 June 2009 the club had…total interest-bearing debt of £35.7 million (intra-group debt £33.7 million, external debt £2 million). The external debt is the balance owed to the remaining loan note holders following settlement of £515,000 in July 2008. ITFC is not in debt to any financial institution.

“The club remains dependent on ongoing financing by the Marcus Evans Group (MEG). During the 2008/09 financial year the remaining funds invested by MEG at the time of the acquisition were spent and MEG has since provided a further £6.5 million in loans to the club.”

At the PLC’s AGM shareholders will vote on whether to re-elect PLC board members John Kerr and Martin Pitcher and whether to elect new chief executive Simon Clegg to the PLC board.

Photo: Action Images

elburro3 added 16:07 - Nov 2 Would have been just over 8 million loss without Priskin in the fold. My mum could have finished that chance at the end. Bread and Butter for a striker. For anyone who doesn't like this comment and goes with the "Give Priskin a chance" line, would you get paid the kind of money he does to not perform? I hope he proves me wrong this weekend. But I don't see it in him.
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prozach added 17:08 - Nov 2 sirbenofmorlingshire Any owner who thinks they can make money in owning a football club has a screw loose. Evans is not in solely to make profit I would assume. We would need to get promoted and become established to write off the debt, and that is before signing more players and inflated wages etc
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jayjay198423 added 17:08 - Nov 2 strikers need confidence you tw@t hes hardly played what about all the chances walters has missed more concerned with the 2 mil wasted on martin
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del1boy added 17:10 - Nov 2 gd to see the optimistic fans have been on twtd today! NOT! 10 million pound is nothing in todays football markets. We spent 4 million on leadbitter and edwards. This will have been expected and ME is not just gunna run away on a loss. Can you lot on here cheer up a bit and stop being so negetive. We have our first win and a manger which i finally think is getting a grip on where players should really play. Maybe if the stands were full on a saturday ME wouldnt have made a loss. Was gd to here that north stand roar (Sir bobby stand) after the final whistle. Our first win and every1 is negetive, sort it out or dnt bother, GET BEHIND THEM

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itfc1981 added 17:23 - Nov 2 norwichs would be the same execpt NCFC is in debt to many financial institution hahahahahahahahahaha
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Back_The_Boss added 17:31 - Nov 2 Worrying but i knew it was on the cards! Evans will pay that off
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jas0999 added 18:42 - Nov 2 Many other clubs make a loss - we have spent millions in the transfer market (under both Roy and Jim). The loss is not surprising. Roy is trying to build a team - stripping out the rubbish bought by Magilton. I read in a paper today that Roy has made a number of decent signings. I agree. BUT we should be doing better than the league position shows.
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TractorRoyNo1 added 19:19 - Nov 2 It is more like £36 million! del1boy added 17:10 - Nov 2 gd to see the optimistic fans have been on twtd today! NOT! 10 million pound is nothing in todays football markets.
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AJblue added 19:36 - Nov 2 Did anyone honestly really think it would be any different. Common sense dictates that after all we have been through there was going to be a debt. But as it has been said by a few sensible people on here, £10 million is NOT a huge amount in football terms today, and ME WILL have expected a loss and budgeted for it. Why would be walk away? The club belongs to him, and lets face it, he has backed us to the limit so far, and once you have shown that sort of commitment,you dont just turn your back,do you? He will take this club forward,whether certain fans want it or not,dont slag him,thank him!!!

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alfromcol added 19:43 - Nov 2 ME Group is getting a fair bit of publicity out of all this. This has to be set against the investment. Who had heard of ME Group before the involvement at PR?
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runaround added 20:06 - Nov 2 Without Evans investment the club would have been up the creek financially and have no chance of competing at this level. I seem to remember that it was written into the takeover that if he decided to pull the plug he had to leave club in a position where they didnt go into administration or have the debt. Things may not have gone well thus far but his investment has given us hope that it might do later. For that we should all be grateful

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bluepeter added 20:57 - Nov 2 well said runaround!
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dirtydingusmagee added 00:35 - Nov 3 IN KEANE WE ARE BUST .
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SomershamBlue added 08:12 - Nov 3 Anyone know how many clubs aren't making an operating loss? I'm not a finance expert, but I'd guess that this will be no big surprise to M.E. and that he will have a plan to improve the situation in order to protect his investment.
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Bluroo added 09:35 - Nov 3 The club and all its expenditure has cost ME nothing so far since his business assets have appreciated by far outstripping this loss.
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bringbackmagic added 20:12 - Nov 3 Only a matter of time before Evans get fed up with losing millions when he was expecting to make some , time is running out for Ipswich the club is heading for oblivion and relegation this season will secure it .
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