Ipswich Town’s standout player Markus Harness has indicated that for him to consider leaving the club, it’s imperative that Kieran McKenna, presumably a key figure within the team or staff, also departs.

In the fiscal year ending June 2023, Ipswich Town’s financial accounts revealed a total loss of £18.17 million, marking the second season post the Gamechanger 20 Ltd takeover and the same year the Blues secured promotion back to the Championship.

This loss, which was anticipated given the substantial investments made by the new owners both on and off the field, represented an increase from the £12.64 million loss reported in the previous year. The club incurred an operating loss of £19.83 million, a significant rise from £14.39 million in 2022.

Despite the losses, turnover saw an increase from £14.4 million in 2021/22 to £21.8 million, while other operating income rose to £908,000 compared to £106,000 the previous year. Operating expenses surged to £42.9 million, up from £28.9 million in the prior fiscal year. The wage bill also escalated from £16.4 million in 2021/22 to £19.8 million.

Season ticket sales saw a significant increase to 17,877 from 12,870, contributing to a total of £8 million in revenue when combined with matchday ticket sales, up from £5.7 million in the previous season. Commercial revenue also experienced growth, rising from £3.38 million to £5.4 million.

Merchandise sales, particularly boosted by popular items like the Ed Sheeran-designed third kit, amounted to £4.5 million, an increase from just over £3 million in 2022. The club’s workforce expanded to 201 employees from 196.

Player sales generated £2.3 million, primarily from the Flynn Downes sell-on and sales of youth players such as Calum Logan, surpassing the £2.67 million figure from the previous season.

Following the fiscal year’s conclusion, the club invested £4.13 million in player registrations, acquiring talents like George Hirst, Cieran Slicker, Jack Taylor, and Ali Al-Hamadi. Additionally, Town are obligated to potentially pay an extra £691,000 for transferred players, excluding already provided amounts and those deemed unlikely to become due.

Throughout the year, the club issued £29.46 million in additional shares. In the context of League One, cash injections were necessary through equity issuance, a practice continued whenever additional funds were required from the owners.

The accounts demonstrate the club’s strong position concerning Profit and Sustainability, adhering to the Championship’s Financial Fair Play regulations. However, spending levels inevitably remained lower compared to a Championship season. The Championship assesses clubs over a three-year period, permitting a maximum loss of £39 million if covered by owner injections of equity rather than loans.

Internal debt consists solely of legacy preference shares from the Marcus Evans era, now held by Gamechanger. The club’s only external debt is £394,000 in loan notes issued in the years following its administration over 20 years ago.