Ipswich Town's accounts for the financial year 2022/23 show the club's losses increased on the previous year - but remain well within their financial projections.

The club's losses went up more than £5m from 2021/22, increasing from £12.8m to £18.2m.

That was largely down to increased costs, including a wage bill jump of more than £3m - up to £19.8 from £16.4m.

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A statement from Tom Ball, the club's financial director, said: "As in the prior year, the club continues to invest across all aspects of operation, including playing staff, non-playing staff, property and infrastructure."

He continues: "Whilst the majority of was offset by growing revenues, led by ticket and retail incomes, the overall loss for the club increased."

The statement adds: "This level of loss is within both the club's FFP projections and the business plan approved by ownership.

"It is expected that, in the absence of any player trading, losses may increase further as the club looks to compete in the Championship."

On Financial Fair Play (FFP) compliance - the rules which govern what clubs can spend - he added: "The average 3-year loss is £6.9m and totals £20.6m over the period.

"The EFL compliance threshold is a £13m per annum average loss and £39m over the three year period."

The statement further adds that the 2022/23 season - which saw them promoted from League One - was 'an excellent season for the club' which featured 'record replica shirt sales.'

It enthuses: "This is reflective of the incredible fanbase the club has."