OXFORD United’s latest accounts reveal the club lost more than £1.8million in the 12 months ending June 2016.
It is the fifth successive year the U’s have had a seven-figure deficit.
Although the £1,870,304 loss is an improvement on the 2015 figures, which showed a £2.4m shortfall.
The figures cover chairman Darryl Eales’s second year in charge, when the club enjoyed a successful campaign on the field which featured automatic promotion from Sky Bet League Two, a run to the FA Cup fourth round and the Johnstone’s Paint Trophy final at Wembley.
Turnover for the period rose sharply, from £2.9m to £5.1m, but operating costs also rose, from £3.7m to £4.7m.
The cut-off date at the end of June means the accounts do not include income from the lucrative transfer fees received for Kemar Roofe and Callum O’Dowda, who signed for Leeds United and Bristol City respectively in July.