Ipswich Town have confirmed today (January 7th) that they incurred a pre-tax loss of almost £5.5 million for the financial year to the end of June 30th, 2008.
The latest figure posted by the Championship side represents a major swing in the wrong direction, considering they recorded a profit of £93,000 for the previous year.
However, chief executive Derek Bowden has explained that the loss - which is being attributed to increased transfer and player wage expenses - was not unexpected.
He told BBC Sport: "It's something we were prepared for following the investment by (majority shareholder) Marcus Evans.
"It's a wholly predicted loss so in that respect it isn't worrying at all."
However, the statistics do not contain information on the total debt at Portman Road and also fail to incorporate the majority of the club's transfer dealings last summer.
Evans bought an 87.5 per cent stake in the Tractor Boys in December 2007 in a deal which saw him soak up £32 million of existing debt and pump in a further £12 million.
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21 October 2010
21 October 2010
21 October 2010
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