Cardiff City made a loss of £13.6million in the year up to 31 May 2012 and the club's debts have now passed £80million.
Turnover rose by £4million, to reach £17.5million. £2.3million of that came from their appearance in the Carling Cup Final at Wembley last season.
Costs have increased, though, including £1.6million paid out when manager Dave Jones and his backroom staff were sacked.
The Bluebirds are hot favourites for promotion to the Premier League. Clubs in top flight will be given a share of £3billion TV revenue next season.