Town made a loss of more than £14 million in the year to June 2010. The significant loss was not unexpected with Marcus Evans’s cash funding last season’s transfers and increased wage bill.

The figures are revealed in an information sheet sent to shareholders in the PLC, which owns 12.5% of the club, outlining Town’s overall financial position. It was sent along with the PLC’s annual report and accounts ahead of its AGM, which will be held in the Sir Bobby Robson Suite in the South Stand on Tuesday 7th December.

During the year to June 2010, the Blues’ loss on ordinary activities before taxation was £14.18 million. The equivalent figure in the year to June 2009, Marcus Evans’s first full year at the club, was £12.67 million.

Player and coaching staff costs rose from £12.03 million in 2008/09 to £13.45 million in 2009/10. As a percentage of turnover player and coaching staff costs rose from 82.1% to 85.3%.

Overall staff costs were up to £17.05 million from £16.10 million, that’s 108.1% of turnover, compared with 109.9% in the previous year.

Turnover was up from £14.66 million in 2008/09 to £15.77 million in 2009/10 with commercial income down from £6.02 million in 2008/09 to £5.4 million and income from the Football League, including TV and radio fees, up to £4.01 million from £1.94 million a year earlier. Gate receipts were down from £6.70 million to £6.36 million.

The club’s direct costs were up from £18.7 million to £19.4 million due to additional player wages. Administrative costs were down £600,000.

The information sheet says the following regarding Town’s current debts: “At 30th June 2010 the club had… [a] total interest-bearing debt of £38 million (intra-group debt £36 million, external debt £2 million). The external debt is the balance owed to the remaining loan note holders. ITFC is not in debt to any financial institution.”

Regarding players, the sheet reveals that the six players coming in during the year to June 2010 cost £7.2 million, while the four players sold brought in £1.1 million. Since the end of the current set of accounts, another £800,000 has been committed on transfer fees with £3.3 million realised from sales.

At the PLC’s AGM shareholders will vote on whether to re-elect PLC board members David Sheepshanks and Richard Moore.

Photo: Action Images

Dorsetblue added 18:43 - Nov 15 ME has done a good job of firstly buying the club at a cheap rate, because he did a deal on the debt we owed. Then moved the debt internally so he can write it off against tax. Plus even in a down turn I think his money in the bank has increased. You don't get that rich in such a short time but being stupid and not have a game plan... But fan numbers are down, the Carling cup game last time proved it. If we don't support the club with our money. why should he.... New manager = more debt... who thinks it will happen before the end of the season??

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dirtydingusmagee added 19:37 - Nov 15 well i do for starters Dorsetblue, before Christmas .
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foster added 19:43 - Nov 15 RAY WILKINS
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ShropshireBluenago09 added 19:59 - Nov 15 Yes Ray Wilkins & Curbs!
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Blue_Fred added 20:09 - Nov 15 "Its Keane's fault" - I'm sure of it!!!
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warwickblue added 20:47 - Nov 15 Have they looked down the back of the settee?
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exeterblu added 21:40 - Nov 15 Here, here brian_a_mul ! Couldnt have put it better. Nice to hear someone espouse down to earth and positive comments about the current state of the team and set up :)
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tearle1974 added 22:21 - Nov 15 Sorry to say this but even Finidi George was cheaper, Lucky we are not put in to administration with the loss????????
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bluearmy4life added 22:47 - Nov 15 So Roy Keane is on a good whack 3 million +. The players are getting paid more for not doing a good enough job at the moment, The olympic specialist is getting a large slice of the cake, and Roy keane has not spent to wisely enough in the transfer market. They are some serious errors which are costing the club dearly. The club have to act in more ways than one.
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ITFC1985 added 23:23 - Nov 15 BLUE ARMY!!!
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bobble added 23:23 - Nov 15 if anyone finds it can they hand it in to their local police station.
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Blueknight85 added 23:46 - Nov 15 we still have civelli to come back :D
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bluedragon added 23:59 - Nov 15 My season tickets cost me 800 pounds a year for me and my sons if MR KEANE is here next season i will save my money and watch lowestoft on a saturday instead .I LOVE being a ipswish fan A.E all my life but ipswich is not the club i grew up with not a family club its just a business and if anyone on here things that EVANS and CLEGG cares about us the fans you must be blind deaf and dumb

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Bluroo added 10:58 - Nov 16 I love the way all you armchair entrepreneurs think that ME will be suprised to find that buying a football club has not been a hugely profitable experience in the short term! We are basically about level with where Magilton left us in terms of league position but miles ahead in terms of the club structure. For the patient amongst us, what is appreciable about the ME strategy, is that it is a long term one. This isn't a risky throw a budget at it and get us up for a couple of years - Hull style (or even old Ipswich style) but a strategy that will see us competitive and stable for the long term. He may have the wrong manager, time will tell, but the overall plan is the right one, without question.

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jayessess added 11:28 - Nov 16 what are the details of this "massive advancement in terms of the club structure" then?
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itfc1981 added 11:38 - Nov 16 Lee Martin for England! (C team, alla non league)
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Ipstones added 12:08 - Nov 16 Bring back Burley!!! and Rhodes and Ambrose and Garvan and Pablo and Martin and Lee and Miller and Stead and Trotter and ..... anyone else doing well that's been shipped out. Until we get quality service to the forwards playing football!!! we will never score more than a couple at best even if we had world class strikers... Wickham won't fulfill any potential with us unless we change the way we play or he leaves. Also i would like to see us instead of spending a fortune on old stagers like M.Kennedy i'm sure we could and should look at the lower leagues even perhaps as low as the Ryman Premier. Take a look at Lowestoft Town promoted last year third or fourth this year and have let in 8 goals all season in the league they are doing something right there hence why a previous poster has threatened to not renew and watch them next season. Guess i'm just saying scour these leagues as Stuart Pearce came from Wealdstone originally and Chris Smalling came from Maidstone United. There is potential out there and you don't have to pay for it through the nose... 3points from Hole. COYB

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BlueVelvet added 12:39 - Nov 16 I'm no accountant but it strikes me as the glass is half empty and the bottom is in site. Of course the sale of Wickham will address balance sheet issues, but with gates dropping and unless performance improves so will season ticket renewals fall for 11/12 so future looks bleak! Mid table in May will deliver a message to sponsors, TV, fans and investors - the spiral is downward - stay clear. Cue for ITFC spin machine to start up. The January sales movements will give a good weather vane of ME strategy.

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whoppit added 12:42 - Nov 16 £14 million ???? That is half of Keane's fortune !!!! No wonder Keane is not bothered about us !!!!
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sheepdags added 17:52 - Nov 16 Marcus Evans knew nothing about football, appointed a Chief Executive who also knew little and thought that appointing a high profile manager was the way to bring success. It's been a steep learning curve for him but he'll let Keane see out his contract and must have learned from seeing the likes of Ian Holloway on a tight budget taking an unfancied team to the Premiership at the first attempt ... but then again he might not have been taking that much notice.

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