Leicester City have announced pre-tax losses of £92m for the year up to 31 May, 2022 - an increase of £61m compared to the previous year.
The Foxes say the decision not to sell a first-team player in summer 2021 while continuing to recruit was the reason behind the larger deficit.
Leicester spent about £70m on players including Boubakary Soumare and Patson Daka.
They £70m sale of Wesley Fofana to Chelsea in August 2022 is not included.
Revenue dropped slightly from £226m to £214m, which the club say is mainly due to accounting differences compared to the 2020-21 campaign that was impacted by Covid-19.