Bolton Wanderers Football Club's losses have risen to £35.4m with player transfers and managerial changes highlighted as the key factors for the deficit.
The figures for the year ending 30th June 2010 showed an increase in turnover from football operations, up to £54.0million from the 2009 total of £51.8million whilst revenue from broadcasting increased by 3% to £38.5million.
An increase in the number of games played at the Reebok Stadium, partly due to FA Cup fixtures, helped overall gate receipts increase from £5.2million in 2009 to £5.4million in 2010.
But incoming players, ‘notably Chung-Yong Lee, Zat Knight, Paul Robinson, Sam Ricketts and Sean Davis, plus loan agreements for Jack Wilshere, Ivan Klasnic and Vladimir Weiss’ saw a wage rise cost 14% to a total of £46.4 million from the 2009 total of £40.9million.
Significant costs were also attributed to restructuring the football management, which saw Gary Megson sacked and replaced by Owen Coyle in January.
Commenting on the figures, chief executive Allan Duckworth said: "It has and continues to be an extremely difficult and challenging economic environment, which has impacted significantly on the business. Added to which, the football club has undergone an extended period of transition with the costs associated with that.
"We are now focused on creating stability under Owen Coyle to ensure that we continue to compete at the highest level of English football, as we have been over the last ten years."