Bolton Wanderers’ debt has increased to £172.9m after they announced a loss of £9.1m for the 2014 financial year.
The figure at least marks an improvement on the £50.7m loss recorded in December 2013.
Staff costs showed a reduction of £9m after the sales of high-earning players such as David Ngog and Marvin Sordell.
Bolton, who owe most of their debt to the owner Eddie Davies, suggested their relegation from the Premier League in 2012 was much to blame for their debt.
“There’s no doubting that the transition to the Football League has been a challenging one,” their chairman, Phil Gartside, said.
“We continue to move towards a self-sustainable future, demonstrated by the club successfully meeting the financial fair play criteria.”
Bolton have eased away from the teams in the relegation zone following the appointment of Neil Lennon as manager in October and are 17th in the Championship.
