Bolton Wanderers announced debts of 163.8 million pounds ($270.69 million) on Tuesday, providing a stark reminder of how financially damaging it can be for a club to drop out of the English Premier League.
"This year's results show the difficulties faced in the football business when a club has enjoyed a sustained and successful period in the Premier League, in our case 11 years, then suffers relegation to the Championship," chairman Phil Gartside said in a statement.
"The ever-widening gap between the two leagues makes the transition extremely difficult, even with the benefits of parachute payments from the Premier League."
Relegated teams receive parachute payments to help soften the huge financial blow of dropping out of the top flight.
The Premier League is one of Britain's most successful exports with overseas TV rights for the next three seasons worth an estimated two billion pounds.
Bolton, who were relegated in May 2012, are 18th in the 24-team Championship and host Middlesbrough on Wednesday.
The club made a financial loss of 50.7 million pounds for the year ending June 2013 and Gartside thanked club owner Eddie Davies for keeping Bolton afloat.
"It should go without saying that Eddie Davies continues to provide a humbling level of support to the club," said the chairman.
"However, Financial Fair Play rules require an alternative funding structure and Bolton Wanderers is very much moving towards a self-sustainable future."