Blackburn Rovers have posted an annual pre-tax loss of £36.5m following their relegation from the Premier League in 2012 - compared with the £4.3m profit made a year earlier.
Their accounts reveal a £27.3m drop in turnover and a 136.1% wages-to-turnover ratio for the year ending June 2013.
They also show the club's net debt has risen from £24.5m to £54.5m.
"We can't keep these type of losses up. It is very, very difficult," said managing director Derek Shaw.
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