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Page last updated at 08:29 GMT, Wednesday, 7 January 2009

Ipswich report 5.5m pre-tax loss

Derek Bowden
Chief executive Derek Bowden says the loss is not a concern

Ipswich Town have reported a pre-tax loss of nearly 5.5m for the year to 30 June 2008, compared with a profit of 93,000 in the previous year.

Chief executive Derek Bowden says transfers and player wages were the main reason for the deficit which he claims was in their budget.

Bowden said: "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."

Evans acquired an 87.5% stake in Ipswich Town in December 2007, a package that included taking on 32m of existing debt and investing 12m into the club.

The latest accounts provide basic information regarding turnover, profit and loss but do not feature figures on the current situation regarding overall debt at the club.

We will continue to underwrite the investment that's been made

Derek Bowden
The figures also exclude the majority of Ipswich's summer transfer dealings, which took place after the end of the last accounting year.

Bowden told BBC Radio Suffolk that although the economic downturn is affecting every area of business, he believes Ipswich Town's parent company, Marcus Evans Investments, is strong enough to withstand the effects of recession.

"The Marcus Evans Group isn't immune to recession but it continues to trade profitably, it's a very strong global business so has more protection than most," added Bowden.

"The acquisition of the club and the money that was injected into the club at the beginning of last year was put there to invest in players and we will continue to underwrite the investment that's been made."

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see also
Currie backs Gorman appointment
05 Jan 09 |  Ipswich
Ipswich 3-0 Chesterfield
03 Jan 09 |  FA Cup

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