Nottingham Forest’s debt has increased to £82 million.
The club’s accounts for year ending May 31, 2015, have narrowed annual pre-tax losses to £21.5m after a rise in turnover.
The Reds’ turnover increased from £15.3m in 2014 to £17.4m though the net debt has risen by £30 from £52m 12 months previous.
A promising start to the 2014/15 season, under club great Stuart Pearce, ended in a 14th place finish in the Championship.
A statement signed off by chairman Fawaz Al-Hasawi said: “Early success in the season was halted by injury to key players and hard decisions and decisive action proved necessary.”
Pearce was replaced by current Forest boss Dougie Freedman who has steered the club to 12th in the table in the current season.
During the 2014/15 year, the club made £4.6m in revenues from TV, radio and internet deals, down on 2013/14’s figure of £5m.
However, revenue from sponsorship and advertising almost doubled to £761,000 from £394,000.
The accounts also revealed that debt owed to the Al-Hasawi family has increased to £67m from £37m.
The report states that repayment will only be expected once the club are able to do so.