Leeds United has announced losses of £9.5million for the 2012-13 financial year.
The club is waiting on Football League approval for Massimo Cellino's takeover and will be hoping the Italian can provide a cash injection to improve the situation both on and off the pitch.
The 57-year-old Italian has inherited debts at Elland Road of more than £22m, the accounts confirm, and faces a huge task in reducing running costs and increasing turnover.
The Football League's Financial Fair Play (FFP) regulations allow a maximum loss of £8m this season and a January transfer embargo looms for clubs that fail to comply.
Under the terms of Cellino's deal to buy 75% of the club's shares from previous owner Gulf Finance House Capital, those debts will increase to around £24m.
Since Bahrain-based investment bank GFH Capital bought Leeds from Ken Bates in December 2012, the club has made considerable losses.
Attendances have fallen by nearly eight per cent, gate receipts are down £2m and turnover has fallen from £31.8m to £28.5m.
The club's accounts for the previous financial year showed a profit of £317,000 with an operating loss of £3.3m.
The latest accounts show an operating loss of £11.6m, softened by incoming transfer fees of £2m.
It has also been revealed that club directors received £753,938 during the latest financial year, an increase from £312,200 in 2011-12.