West Bromwich Albion have recorded an £11m loss for the 2022-23 campaign - the final full season under the ownership of Guochuan Lai.
Having made a £5.4m profit in 2021-22 - Albion's first campaign after relegation from the top flight - these latest figures follow the reduction of Premier League parachute payments.
Staff wages increased slightly from £42.4m to £45.9m, largely down to the departure of manager Steve Bruce and his coaching team - and the appointment of head coach Carlos Corberan and his own backroom staff.
Turnover decreased by £7.7m to £56.7m after a reduction in income from sponsorship deals, as well as the parachute payments reduction.