Championship leaders Leeds United have reported an annual pre-tax loss of £21.4m for the year ending June 2019.
The accounts cover the 2018-19 season, during which Leeds narrowly missed out on promotion to the Premier League.
The club made an operating loss of more than £36m, although player sales brought in more than £15m.
Turnover rose from £40.7m to £48.9m compared to the previous financial year, while the club's total wage bill went up from £31.3m to £46.1m.
Leeds' previous set of accounts for 2017-18 showed an annual loss of £4.3m.
It is also revealed in documents filed at Companies House that Leeds may have to pay bonuses of almost £20m to players and management staff if they are promoted to the Premier League this season.
After finishing third in the Championship last season and then losing their play-off semi-final to Derby County, Marcelo Bielsa's side have once again challenged for promotion in 2019-20.
They were top of the table with nine matches left to play when the campaign was halted because of the coronavirus pandemic.