Town's accounts for the year to June 2024 show a total loss of £39.3 million and turnover increasing by 71 per cent to £37.3 million.

The loss, an increase of 116 per cent on the previous year (£18.17 million), was wholly expected in the season in which the Blues, newly risen from League One, climbed into the Premier League at the first attempt with £16.3 million of those losses promotion costs. Without those promotion costs, bonuses etc, the increase in losses is reduced to 26 per cent.

The entire loss was covered by cash injections by the owners of £39.2 million with the club having no external debt, aside from the £391,000 in loan notes issued in the years following the club’s spell in administration just over 20 years ago.

The 71 per cent increase in turnover to £37.3 million - £21.8 million the previous year - was led by league, retail, commercial and ticket incomes.


As was the case last year, Town have published their Profitability and Sustainability (P&S) position - Financial Fair Play limitations - with eligible losses £34.9 million over three years and the threshold £39 million, giving Town headroom of more than 10 per cent.

The accounts reveal £26.3 million of player acquisitions during the period covered, largely the permanent signing of Omari Hutchinson, plus another £89 million up until the end of December 2024.

With January’s further business, Town have spent around £130 million on players over the last four windows. During the year to June 2024, £1.23 million was brought in in fees.

Wage costs rose from £19.8 million in 2022/23 to £44.5 million in the Championship campaign, while the number of people working at the club increased from 229 to 295. Both are likely to have increased significantly since then.

Season ticket sales were 20,780 compared with 17,877 the previous year with income from season and matchday tickets £10.5 million, up from £8 million in the previous campaign.

Fixed asset expenditure was £5.8 million, reflecting the initial costs of upgrading Portman Road for the Premier League with roughly the same sum spent after the end of June 2024 with the work continuing into the new season.

Photo: Action Images

MickMillsTash added 18:45 - Mar 31 Does the 44.5 Mill wage bill for last season include promotion bonus payments ? Crazy numbers and our wage bill was certainly not the highest in the Championship.
2

muccletonjoe added 18:46 - Mar 31 Hopefully those parachute payments will slow up some of the money heading out of the club
0

flykickingbybgunn added 19:38 - Mar 31 These results are better than I expected. It just says all was under control as we hoped. We may have to sell some if we go down but if we do it wont be because we have to for financial reasons. Well done Mark Ashton.
4

churchmans added 19:49 - Mar 31 Expect a profit year ending june 2025
1

Nigeglos added 20:20 - Mar 31 If nearly all clubs run at what is a massive loss, why would a pension fund invest in one ? Even teams who are in the prem have big losses. I don't get it, why are teams desperate to get promoted if all you get are huge losses ?
11

Broadbent23 added 20:43 - Mar 31 The next financial statement will show some of the cost towards the new training ground. It is likely we may sell one or two players as well as buying in one or two. Also supporting the women in the Championship . Planning costs for a new stand and more external works. So dependent which league we are in and with the increases of utility costs and taxes. The losses will probably rise, unless the parachute payment is utilised properly for the future of the club. Business in any field is tough. So as supporters of this club we have to fill the ground again next season. Success is costly.

2

backwaywhen added 22:06 - Mar 31 The price of success hey …..unbelievable Jeff.
0

VanDusen added 00:49 - Apr 1 @nigelglos I guess it's about the sell-on value? Considering just over 30 years ago Michael Knighton nearly picked up Man Utd for about £20m, it's been a pretty good investment. I suspect many of these American investors are waiting for the day they can get that voting bloc that gets a 39th game and all the other mad ideas that they will want to sell to an American audience to milk the cash cow further... i expect they're all hoping to be one of the clubs established at the right time to be taken for the ride with the mega-brands for mega-dollars?

1

JewellintheTown added 09:45 - Apr 1 I'm sure accountancy and tax experts can clarify but am I right in recalling there are tax "benefits" to do with offsetting losses to other parts of a business, and not necessarily that business? I seem recall Marcus Evans offsetting losses against his other business interests or getting financial breaks or benefits of some sort. Vague, I know, but I'm not sure its a straight loss as it seems, there are ways to mitigate the amounts to lessen the blow.

1

blues1 added 11:00 - Apr 1 Jewellinthetown. You may well be right. But as the owners have covered the whole loss, theres really no need to do that.
0

OldFart71 added 12:41 - Apr 1 With regards to Gamechanger and their investment many millions more will be spent before they offload the club. By then based on where we are League the Cobbold will be redeveloped making PR a 35-40,000 seater stadium and I suspect they will hope by then we have a team in the Premier League which is established along with millions of pounds worth of assets. Therefore a very good return on their investment and it has to be remembered that they already have a further investment in the club to the tune of £115 million.

0

Razor added 18:16 - Apr 1 Not so sure well done Ashton----he stood by and watched as millions were spent last summer on far too many players and many vet poor-----think we were the second highest spending club after man city----this is Ipswich Town for heavens sake!
-2

Blogs 298 bloggers

Ipswich Town Polls