The eye-watering deficit rocketed from £37.6million in 2009/10 even though the club reported a record income of £92million - a rise of 1.3 per cent - in the accounts revealed for the year ending on May 31, 2011.
A statement said: “This was achieved despite a backdrop of instability as the 2010-11 season constituted one of the most turbulent in the club’s recent history.”
Figures included an “exceptional charge” of £12million relating in “changes to football management personnel” - thought to refer to compensation paid out after Martin O’Neill left the club.
Match day income fell year on year because of the club’s early exit from cup competitions.
However the club reported that commercial income increased by 15.9 per cent year on year.
Bank borrwings were also cut by £8.3million.
“Given the challenging economic environment that we have been experiencing in the West Midlands and indeed globally, we are pleased with the positive trends in our financial performance,” said chief financial officer Robin Russell.
“The Board of Aston Villa is confident that the actions taken since the end of the 2010/11 financial year have galvanised the long-term sustainability of the club and have also given us a better financial platform on which to build for future success.
"Our objectives are to compete strongly on the pitch and to achieve sustainability as well as compliance with UEFA’s Financial Fair Play requirements.”
The results are still somewhat of a surprise given that player trading saw the £26 million received for James Milner in August balance the monies paid out on Steven Ireland (part exchnage for Milner) and the £18 million paid for Darren Bent in January.