Championship side Ipswich Town have announced a loss of £7.2m for the 2013-14 season, which is under the £8m Financial Fair Play limit.

The figures released yesterday show that the Blues' losses improved by £2.6m from the previous season's £9.8m, but their overall debt increased.

It rose £3.6m and now stands at £86m, almost all of which is owed to the club's owner Marcus Evans.

This summer's sale of Aaron Cresswell to West Ham United, which could be worth as much as £7m to the Tractor Boys, was not included and will be reflected in next year's figures.

The results are expected to improve further in 2014-15 with Ipswich spending very little in transfer fees under Mick McCarthy and on course for a promotion charge that has brought increased attendances to Portman Road.