Ipswich Town’s 2024/25 accounts reveal the true cost of assembling their first Premier League squad in 20 years: hefty transfer spending, big wage rises, major infrastructure investment, and a timely owner cash injection that together produced a club-record £155m turnover and a narrow pre-tax profit.

The turnover figure for the year to June 30, 2025, was £155.4m, a significant increase from the 2023/24 figure of £37.3m.

This can be explained by the fact that we received a Premier League distribution and TV revenue of £107.55m, as opposed to £10.43m in the Championship, and the equity investment of £44.5m by the new US ownership group to fund a lot of the recruitment.

The club has invested heavily in player acquisition, to the tune of £112.8m in the 2024/25 accounts period, compared to £26.3m in the previous year. This does not take into consideration Omari Hutchinson’s transfer from Chelsea for £20m, recorded at the end of the previous year. If he is included, then the total for the 16 players acquired in the summer of 2024 and January 2025 would come up to £132.8m Reported fees in the accounts period total about £126.5m, with roughly £6.3m spent on...