Ipswich 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.
Ipswich 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. Picture: Barry Goodwin
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.