Ipswich Town: Latest accounts show huge investment from owners

The accounts, for the year ending June 2022, show the club made £14.25 million from issuing shares - effectively how owners Gamechanger 20 invest in the Blues.

And it's noted that, since last June, a further £17.9m has been invested by the club's owners, again through shares.

Town's accounts show that club owners Gamechanger - including (L-R) Brett Johnson, Berke Bakay and Ed Schwartz, have invested more than £30m in the Blues (Image: Steve Waller)

That's funded a variety of improvements at Portman Road and beyond, as CEO Mark Ashton and his team have set about overhauling the infrastructure of the club.

The accounts also show that the club's losses increased by just over £6m in the reporting period, from £6.3m to £12.6m.

A large part of that is down to an increase in expenditure of just over £9m, including an increase in wages of more than £3m - from £13.37m to £16.43m.

The papers show the club employed 15 more members of staff - 196 up from 181 - over the reporting period.

Turnover increased by £6.3m, with season ticket sales generating £12.87m.

CEO Mark Ashton, left, has led an overhaul of the club's infrastructure (Image: Warren Page)

In the business review section of the accounts, it reads: "Whilst league position declined versus the prior season, the club is pleased with the trajectory of the playing squad and leadership under the new management team that was implemented midway through the season.

"The improvement in turnover is also positive given this reflects real-term increases from pre-pandemic performance.

"As anticipated following the change in ownership of the club, significant investment has arisen across all aspects of operations. including playing staff, non-playing staff, property and infrastructure.

"As a result, the cost base of the operation expanded significantly, and well beyond that of incremental incomes achieved from growing attendances and increased retail spending.

"It is acknowledged the club is loss-making and is forecast to remain loss-making whilst competing in League One of the Football League pyramid.

"Whilst it is a target of the club to achieve promotion to the Championship, the company has a secure funding source from its ownership group to support the losses of the club."

The accounts cover much of Paul Cook's 'Demolition Man' summer, with 18 players brought in during the reporting period.

Skipper Sam Morsy was one of the players brought in over the new period covered by the latest accounts (Image: Ross Halls)

Fees were paid for the likes of Sam Morsy, Christian Walton, Conor Chaplin, George Edmundson, Scott Fraser and Cameron Burgess.

And the accounts show the club paid out almost £3.4m on transfers over the period, with £2.6m coming in from sales.

The accounts cover Flynn Downes' move to Swansea and the departure of Fraser to Charlton, but not the sale of Andre Dozzell to QPR, which happened just before the June 30, 2021 cut-off.

Flynn Downes was sold to Swansea in the summer of 2021 (Image: PA Wire/PA Images)

It's further noted that, since June 2022, the club has signed players worth almost £6m (£5.97m).

That includes the likes of Leif Davis, Marcus Harness, Nathan Broadhead, Harry Clarke and Panutche Camara.