Norwich City have announced a pre-tax loss of £20.7m for the 12-month period to the end of June.
The figure is £6.3m up on the previous 12 months while annual turnover fell from £73.1m to £39.3m, reflecting the loss of Premier League parachute payments.
The Canaries did, though, make a £23.2m profit on player sales, an increase of £9.8m on the figure for 2023-24.
The period concerned included the takeover of the club by Mark Attanasio's Norfolk FB Holdings but the annual report has been published at a time when Norwich are in the relegation places in the Championship.