Gillingham Football Club suffered losses of £463,098 for the year ending May 2010 as the npower League Two side’s attendances continue to fall.
The figure represents an increase of over £200,000 in losses compared to the previous year. Turnover fell to £4.78m with wages by more than £135,000 with the club in negotiations with the Bank of Scotland over its overdraft agreement with an overdraft standing at £3,371,403 in May 2010.
A statement from the club said: "The directors are optimistic about the outcome [of negotiations], but as yet it is too early to make predictions with any certainty as the bank could recall the overdraft at any time."
The club has also suffered a fall in attendances since relegation to League Two with the average gate down by around 1,200 supporters.