Leeds United are blaming the lack of Champions League football, interest payments and the cost of buying players for their widening losses.
The club's annual pre-tax loss has grown to £33.9 million sterling from £7.6 million; the pre-tax loss before interest was £28.2 million, up from a loss of £4 million.
The club said last year's court case and injuries meant they had to buy in players to cover for Woodgate, Bowyer, Radebe and Bridges rather than use home-grown talent.
The absence of Champions League football meant television and broadcasting income fell 7 per cent. This was partly offset by record revenues in season ticket sales, merchandising, sponsorship and executive hospitality.
Closing net debt as at June 30 was £77.9 million versus £39.4 million in 2001.
The results do not include the £37 million generated by the sale of Rio Ferdinand to Manchester United (£30 million) and Robbie Keane to Tottenham Hotspur (£7 million) or the £2.75 million spent to secure Nick Barmby from Liverpool as these deals occurred after June.
Executive chairman Mr Peter Ridsdale says, despite the losses, the club's "convinced that our long-term strategy is not only right but is the only sustainable strategy to deliver long-term shareholder value."
Mr Ridsdale says talks are continuing with the local authority and other interested parties over plans to move Leeds away from its Elland Road ground to a new 50,000 capacity, £70 million stadium.
PA