Ipswich announce big losses

Ipswich have announced losses of almost £16m for the financial year ending June 2012.

Last Updated: 05/04/13 at 13:48 Post Comment    Bet with SkyBet  Sky Bet Championship. Click here to bet.

Portman Road. Big losses

Portman Road. Big losses

Lower figures for gate receipts, and media and commercial income, contributed to the losses along with a higher wage bill and "other expenses" of £800,000.

Ipswich made £10.8m on player transfers in the year ending June 2011 following the sales of Connor Wickham and Jon Walters, but that figure plummeted to just £248,000 over the next 12 months.

The overall turnover was down by over £2m to £15.04m, while the club's overall debt rose to £79.62m.

Club officials have set their sights on reducing the wage bill to prepare for the implementation of the Financial Fair Play regulations.

Ipswich's wages-to-turnover ratio is one of the highest in the Championship at 119% - an increase of 17% on the previous year.

The accounts also revealed that former Town chief executive Simon Clegg earned an annual salary of £193,000.

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