Ipswich Town reveal loss of £14m in latest accounts
Tue 16th Nov 2010 | Money & Finance
Ipswich Town Football Club have announced a loss of just over £14million for the 12 months to June 2010, in their latest accounts released today.
According to the accounts the club's wage bill increased to over £17m, a 108 per cent of annual turnover, which stood at £15.8m.
The precise loss on ordinary activities before taxation was £14.176m, as opposed to £12.674m from 12 months ago.
Commercial profit at Portman Road was down by approximately £0.25m during 2009-10, in comparison to 2008-09, with a profit of £1.87m as against £2.16m.
Turnover increased from £14.7m in 2008-09, which was Marcus Evans’ first full year as owner, to £15.8m, due primarily to additional income from the Football League.
Gate receipts were down from £6.702m to £6.362m, despite an increase in ticket sales due to Town’s extended Carling Cup run, coupled with a lucrative FA Cup fourth round tie at Chelsea, during the 2008-09 campaign.
During the last financial year, the Club purchased six players at a total cost of £7.2m, and sold four players for proceeds of £1.1m.
Since the end of the financial year, a further £0.8m has been committed on transfer fees, and £3.3m accrued from the sale of players.
The additional costs of players’ wages, due to the influx of new players during the summer of 2009, led to the Club’s direct costs rising from £18.7m to £19.4m.
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