Leeds United have posted losses of £9.5m for the financial year 2012-13, just days after new owner Massimo Cellino won his appeal to takeover the club.
The period covered by the report includes the takeover of the now outgoing owners Gulf Finance House (GFH), with turnover falling by over £3m from the previous year, while attendances dropped by almost 8%.
Leeds were loaned around £11.3m by Brendale Holdings Limited, a Dubai-based company which is controlled by GFH.
The accounts show that at the end of the financial year the club had no majority owner as GFH sold more than 50% of their stake to different parties before buying it back at the back end of 2013 prior to the sale to Cellino.
The Italian, whose initial bid to buy the club was denied by the Football League after he was found guilty of tax evasion in his home country, won an appeal at the weekend which allowed him to take control the club.
Cellino is believed to have been bankrolling the club since the start of the year, providing the funds to sign Jack Butland on loan from Stoke and Connor Wickham from Sunderland, who has since been recalled.
It is understood the club now owe over £30m to creditors and Cellino will now have to bring the debt down if they are to comply with the Football League's Financial Fair Play regulations.
Last month the players agreed to defer a part of their wages as the club dealt with cash flow problems and there was a danger that the club could have fallen into administration.
On the pitch, the club's fortunes have mirrored that of their financial problems, having lost seven of the last eight games, and falling away from the promotion race, though their good results earlier in the season have meant they are in no danger of being dragged into a relegation battle.