Ipswich Town Financial Results 2023/24
- Matchday Finance
- Jul 4
- 9 min read
Updated: Jul 14
Following their long-awaited return to the Premier League after 22 years, Ipswich Town were relegated back to the Championship after just one season—joining fellow promoted sides Leicester City and Southampton in making the drop.
In this post, we look back into Ipswich’s financial performance during their 2023/24 Championship promotion-winning campaign—the latest season for which accounts have been published. These figures offer valuable insight into how the club managed its finances during a transformative period of growth.
When US-based investment group Gamechanger 20, backed by a state pension fund, acquired Ipswich Town for £30 million in 2021, the club was a mid-table League One side. The previous owner, Marcus Evans, had written off around £100 million in debt, the playing squad was limited, and key infrastructure was in need of modernisation.
Since then, under the leadership of CEO Mark Ashton, the club has undergone a remarkable transformation. The new owners have invested approximately £90 million, prioritising infrastructure improvements, while manager Kieran McKenna led the team to back-to-back promotions—from League One to the Premier League.
During this period, the club also strengthened its ownership structure with the arrival of U.S. private equity firm Bright Path Sports Partners, which acquired a 40% stake from Gamechanger 20 in March 2024 for £105 million.
Their promotion from the Championship was particularly impressive. Competing against clubs with far larger wage bills and more expensive squads, Ipswich consistently held a top-two position throughout much of the season and secured automatic promotion by finishing second. Achieving this on a wage budget (before promotion bonus) more aligned with clubs like Swansea and Hull, rather than heavyweights such as Leeds and Leicester, marked a major success.
However, once promoted, the club’s investment strategy changed dramatically. Ipswich spent over £100 million on new players—a figure unimaginable just a few seasons earlier—clearly signaling their intent to compete at the highest level. Despite these ambitions, they spent most of the season in the relegation zone and eventually finished 19th, resulting in a swift return to the Championship.
While relegation is undoubtedly disappointing, their single Premier League season brought in over £100 million in broadcast revenue, along with guaranteed parachute payments of around £48 million and £38 million over the next two seasons. Although player departures are expected—star striker Liam Delap has already signed with Chelsea—Ipswich are still well-positioned financially and competitively to retain a strong squad and mount a serious push for an immediate return to the top flight.
Overview of Ipswich Town's Financial Results Season 2023/24
Overall revenue saw a significant rise from £21 million to £37 million, driven mainly by the increase in broadcast and commercial revenue following promotion to the Championship. Operating costs however almost doubled, partly due to £16 million in end of season bonus payments following promotion, which resulted in an overall loss of £39 million, higher than the previous seasons £18 million loss.
Financial Highlights for the 2023/24 Season:
Turnover
Ipswich Town’s turnover rose significantly to £37.3 million in 2023/24, up from £21.7 million the previous year. Among Championship clubs not receiving parachute payments, this was the third-highest, behind only Bristol City and Sunderland.
Broadcasting revenue totaled £10.4 million, in line with other clubs outside the parachute system.
Matchday income increased by £2.5 million to £10.5 million, driven by higher attendances and increased ticket prices following promotion from League One.
Commercial revenue experienced strong growth, rising by £7 million to £16.5 million.
Staff Costs
Wage costs before promotion bonuses increased from £20 million to £29 million, while amortisation charges rose to £2 million.
Total staff costs before bonuses reached £33.5 million, ranking 14th in the Championship — less than a quarter of the wage spend at clubs like Leeds, Leicester, and Southampton.
Promotion bonuses of £15.6 million were paid, taking total staff costs to £49 million, the sixth highest in the league.
Profitability
The club posted a pre-tax loss of £39.2 million, up from a £18.1 million loss the previous year. This figure includes £16.3 million in promotion-related costs. Only Leeds United had higher losses for season 2023/24.
Player Trading
Ipswich spent £26 million on player signings, however approximately £20 million related to the post-season acquisition of Omari Hutchinson from Chelsea.
Profit from player sales totaled £1.2 million, likely arising from sell-on clauses on past transfers.
Football Debt
The club's only formal debt is an £8 million loan linked to preference shares, including accrued dividends.
An additional £26 million is owed to other clubs in transfer instalments, assumed to relate mostly to the Hutchinson deal.
Cash Flow
Operating cash flow was negative £7.6 million before investment and financing.
Net spending on player transfers totaled £25 million, with a further £6 million invested in facilities and infrastructure.
To bridge the funding gap, the club raised £39 million through the issuance of new shares.
Despite reporting substantial losses, the club confirmed it remains compliant with the EFL’s Profit and Sustainability rules. With a limit of £13 million in losses per year over a three-year cycle, Ipswich reported having £4.1 million of headroom at the end of the 2023/24 season.
Financial Outlook
Ipswich Town's financial position has shifted significantly following their promotion to the Premier League. The club is expected to receive an estimated £110 million in central broadcast payments, plus stands to benefit from enhanced commercial opportunities available at the top tier. We estimate total revenue to reach approximately £141 million for the 2024/25 season.
Costs will increase. With more than £100 million invested in new players, this will result in a higher wage bill and approximately £20 million in annual amortisation charges. However, these increases come from a relatively low cost base. The club will also benefit financially from the recent sale of Delap, which is expected to generate a profit of around £17 million.
Taking these factors into account, we forecast the club to post a modest profit of between £5 million and £10 million for the 2024/25 season.
To support the investment in the playing squad at the start of 2024/25, the club raised an additional £44.5 million through a new share issue. This brings the total equity funding raised since the 2021 takeover to £132 million.
Next Read
For a full breakdown of the Premier League’s 2023/24 financial results, check out our recent blog: Premier League Financial Results Season 2023/24
Turnover
Following promotion from League One to the Championship, Ipswich had strong growth in all main revenue streams.
Their total revenue ranked eighth overall in the Championship and was the third highest among clubs not receiving Premier League parachute payments.
Matchday Revenue
Ipswich Town’s home ground, Portman Road, has a capacity of 29,673. During the 2023/24 season, the club averaged 28,843 attendees at league matches, the fourth highest in the division and representing 96% of total capacity. Of those attending, 72%—around 20,000—were season ticket holders.
The club also generated a relatively strong revenue per paying supporter at £14.68, ranking ninth in the league. This is however less than half of Leeds United’s figure and lower than that of local rivals Norwich City.
In total, Ipswich earned £10.5 million in matchday revenue for the season, placing them seventh among Championship clubs.
Facility investment has been a key focus for Ipswich Town’s owners, Gamechanger 20, with over £15 million invested since their takeover. Ahead of the club’s return to the Premier League, additional upgrades were undertaken, with a further £8 million committed following the end of the 2023/24 financial year.
While there are no immediate plans to expand Portman Road, CEO Mark Ashton has expressed his long-term ambition to see the stadium grow to a 40,000-seat capacity.
Broadcast Revenue
For clubs not receiving Premier League parachute payments, broadcast revenue is made up of several components: a share of the Championship’s domestic TV deal (typically worth £3–4 million annually), appearance-based fees that can add £500,000 to £1.5 million depending on how often the club is televised, and a share of international broadcasting rights, which usually contributes an additional £1–2 million.
On top of this, each club receives approximately £5 million in solidarity payments from the Premier League, designed to support clubs in the Championship and lower leagues.
Altogether, these sources typically generate around £10 million annually for non-parachute clubs—consistent with Ipswich's £10.4 million in broadcast income for the 2023/24 season.
Commercial Revenue
Ipswich Town’s commercial revenue—which includes income from sponsorships, retail, hospitality, stadium tours, and other non-football activities—increased by 68% to £16.5 million in the 2023/24 season.
This is a strong performance, particularly given the club’s decision not to engage with betting sponsors—a common revenue source for many Championship and Premier League clubs. Instead, Ipswich has benefited from a unique front-of-shirt partnership featuring Ed Sheeran’s Mathematics Tour logo, thanks to the involvement of the global artist as a minority owner. This sponsorship has been in place for the past four seasons but will be replaced by a new deal with local software company Halo starting next season.
Ipswich's total commercial revenue of £16.6 million was the sixth highest in the Championship.
Ed Sheeran’s connection with the club will be further leveraged this season, with the singer set to perform three concerts at Portman Road in July 2025.
Staff Costs
Player wages rose from £19.8 million to £44.5 million, however this included £15.6 million of season end promotion bonus payments. Amortisation—the gradual expense of transfer fees over the length of player contracts—increased from £2.9 million to £4.7 million. The relatively low amortisation figure highlights the modest spending on player transfers in recent seasons.
Ipswich's total staff costs of £49.3 million ranked 6th in the Championship. However if the promotion bonus payment are excluded, their £33.7 million cost would have ranked 13th in league, demonstrating what a fantastic job McKenna and team did to finish 2nd and gain automatic promotion. Their costs were less than a quarter of the big three of Leicester, Leeds and Southampton.
Profit on Player Sales
Ipswich generated £1.2 million in profit from player sales during the 2023/24 season.
Profit and Loss
In recent seasons, Ipswich Town's financial losses have been steadily rising — from £6 million in 2021/22 to a £39.2 million loss in 2023/24. As previously noted, this latest figure includes £16 million in promotion-related bonuses. Excluding that, the underlying loss was £23.2 million, still the highest in recent years.
Like most Championship clubs without parachute payments, Ipswich operates at a loss and relies on owner funding or player sales to stay afloat. However, with no significant profits from player transfers in recent seasons, the club’s losses have been covered entirely by new capital from ownership.
In 2023/24, Ipswich’s operating expenses—including the promotion bonus—totaled £70.3 million, nearly double their revenue of £37.3 million. This led to an EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortisation) of -£32.9 million, the worst in the Championship. EBITDA is a key measure of operating performance and cash flow, and nearly all Championship clubs reported negative EBITDA in 2023/24, except for Watford and Norwich.
With just £1.2 million in profit from player sales, Ipswich ended the year with a £39.3 million loss—more than double the £18.2 million loss reported in 2022/23.
Ipswich's pre-tax loss of £39.3 million in 2023/24 was the second-largest in the Championship, behind only Leeds United's £61 million loss. Even when excluding the £16 million in promotion-related bonuses, the adjusted loss of £23.3 million would still rank as the fourth-highest in the league.
Player Trading
Before securing promotion to the Premier League, Ipswich’s investment in player acquisitions had been relatively modest—totalling around £17 million over the previous three seasons. This underscores just how impressive their promotion achievement was. Note that the 2023/24 results included the late-season signing of Omari Hutchinson for approximately £20 million, a deal completed just before the financial year-end.
On the outgoing side, player sales brought in £8.9 million in revenue.
The Championship relies heavily on player sales to meet the league’s profitability requirements, functioning as a key development ground for talent. As a result, the league typically operates as a net seller of players. This dynamic is further influenced by clubs relegated from the Premier League, which often need to cut costs and may have relegation release clauses in player contracts. Reflecting this trend, the chart below highlights Leicester, Southampton, and Leeds as significant sellers.
Ipswich’s £26 million spend on new signings was the fifth-highest in the league, though this figure includes the late-season acquisition of Omari Hutchinson.
Ipswich significantly stepped up their recruitment ahead of their Premier League campaign, bringing in a host of new players including Philogene, Greaves, Delap, Clarke, O’Shea, Szmodics, Muric, and Ogbene. Combined with the earlier signing of Omari Hutchinson, total transfer spending reached approximately £125 million—one of the largest ever investments by a newly promoted club. So their intend to compete was clear, but unfortunately this investment did not translate into results, with relegation back to the Championship after just one season.
Football Net Debt
Debt plays a significant role in financing Championship clubs. Collectively, the league’s total debt stands at £1.56 billion—equivalent to 163% of its turnover. Debt levels increased by £250 million during the 2023/24 season, largely due to changes in the club mix, with Leicester, Leeds, and Southampton all carrying substantial outstanding loans. Approximately 75% of the total debt consists of related-party loans.
In contrast, Ipswich currently have no net debt, as recent funding has come primarily through share issuances. While the club does have an £8 million outstanding preference share loan, this is effectively offset by an £8 million loan receivable from their parent company.
In addition, the club had £26 million in outstanding transfer fee obligations to other clubs, with £11.5 million of that due in one year.
Cash Flow
In the 2023/24 season, Ipswich reported negative operating cash flow of £7.6 million, indicating that day-to-day operating expenses exceeded revenue.
The club invested £26.2 million in player acquisitions and £5.8 million in facility upgrades, while generating only £1.2 million from player sales. This led to net cash outflows of £26.2 million from investing activities.
To cover the overall funding gap of £38.5 million, Ipswich raised £39.2 million through a share issue.
No club in the Championship reported positive operating cash flow for the season. As shown below, total operating outflows across the league reached £422 million, with modest investment outflows of £36 million, collectively funded by £417 million in new financing and £41 million drawn from cash reserves.
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