Ipswich Town's accounts for 2023/24 have been published. _(Image: PA)_
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Ipswich Town Football Club's accounts for 2023/24 have been published.
The period - July 1, 2023 to June 30, 2024 - covers the Blues' Championship promotion-winning campaign.
The accounts show that £26.3m was spent on player acquisition, though a sizeable chunk of that will have been on Omari Hutchinson, who joined from Chelsea on June 30 last summer for a fee understood to be around £20m. Other notable signings during the 23/24 period include George Hirst, Ali Al-Hamadi and Kieffer Moore.
Additional notes reveal that the Blues went on to spend a further £89m on players in preparation for a return to the Premier League and that additional amounts of up to £8m may become payable should certain criteria be met.
Signings in last summer's transfer window included Jacob Greaves, Dara O'Shea, Conor Townsend, Kalvin Phillips, Jens Cajuste, Chiedozie Ogbene, Jack Clarke, Sammie Szmodics and Liam Delap.
That number won't include this January's additions, including Jaden Philogene (£20m, Aston Villa) and Alex Palmer (£2m, West Brom), confirming that circa £137m has been spent on players over the last four transfer windows.
Turnover increased by 71% - to £37.3m - thanks to a boost in league, retail, commercial and ticket income.
However, losses increased by 116% - to £39.3m - due to promotion costs (largely player bonuses and wage rises) of £16.3m. The club's wage bill more than doubled, from £19.8m to £44.5m, with 66 more people employed.
Those losses were covered by capital injections from the club's US owners of £39.2m.
The club has once again published its Profit and Sustainability (P&S) position, showing an 11% headroom within the rules.