Gamechanger 20 Ltd, the company which owns Town, made a loss of £19.35 million in the year to the end of June 2025, its annual accounts reveal.

That figure is higher than the operating loss made by the club itself during the same period, the 2024/25 Premier League season, £6.2 million, as it takes into account further overheads incurred by the group as a whole.

After other factors including player trading profits of £15.4 million - Liam Delap’s £30 million move to Chelsea having come towards the end of the year - Gamechanger made an overall loss of £10.92 million, Town itself having made a profit of £4 million.

In 2023/24, Gamechanger made an operating loss of £56.45 million and an overall loss of £55.09 million.

At June 30th 2025, the club was valued at £351 million, a gain of 119 per cent on the £160 million which had been invested into Town since the 2021 takeover.

After the end of the 2024/25 accounting period, the restructuring which took place valued the club at around £400 million.

“Despite generating a loss during the year, the financial position of the group remains strong,” chief financial officer Tom Ball’s strategic report reads.

“It is noted the core investment in Ipswich Town Football Club Company yielded a profit during the year, alongside a significant increase in asset value.”

Turnover during 2024/25 was £153.67 million compared with £36.05 million in the previous year when the Blues were in the Championship.

The accounts reveal that since the year end, £35.5 million has been invested tangible fixed assets, largely in the major training ground renovation which is set to open at the end of this month.

During 2023/24, Gamechanger entered into an agreement for the issue of a funding note listed on the Cayman Islands Stock Exchange for a maximum of £25 million at 12 per cent interest. As of the year end, £14.59 million had been drawn down, accruing £2.18 million in interest, a sum which has been repaid in full since then.

Gamechanger has subsequently taken out a new facility, also on the Cayman Islands Stock Exchange, which allows borrowing of up to £100 million at a lower interest rate. It’s understood this is allows quicker access than transferring funds from the ownership. Since the year end, the club has drawn down £57.71 million from this facility.

The accounts also show that since the year end, player trading led to net expenditure of £5.74 million. While the Blues made a number of signings last summer and in January - among them the £17.5 million recruitment of Sindre Walle Egeli, a new Championship record - the sales of Omari Hutchinson (£37.5 million), Nathan Broadhead (£7.5 million) and Luke Woolfenden (£4 million) brought in significant fees.

As of the end of June 2025, the club was contractually obliged to pay top-ups on fees contingent on clauses being met of up to £39.52 million (2024: £11.52 million).

After the period covered by the accounts, Gamechanger has invested a further £57 million in Town.

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