Aston Villa have reported a loss of £119.6m in their latest accounts up to 31 May 2023.
The accounts cover a period that saw Villa finish seventh in the Premier League to qualify for Europe.
Villa say the figures are "in line with the strategic business plan" and within the Premier League's profit and sustainability rules.
PSR rules, introduced in 2015-16, permit losses of up to £105m in a three-year spell.
A statement read: "The owners of Aston Villa remain committed to the long-term and sustainable development of the club, and we look forward to continued progress on the delivery of our strategic plan.