Leeds United lost £64m during the coronavirus-hit 2019-20 season despite winning the Championship and gaining promotion to the Premier League.
The club spent £46m on players last season as Marcelo Bielsa's side ended a 16-year absence from the top flight.
It handed out £20m in promotion bonuses but saw an increased commercial revenue on the previous season largely thanks to merchandise sales of more than £15m.
Leeds made a £2.5m insurance claim for loss of profits due to Covid-19.
In accounts filed with Companies House, Leeds managing director Angus Kinnear said: "Despite the unprecedented operational and financial challenges posed by the Covid-19 pandemic, the group won the EFL Championship by 10 points whilst successfully maintaining the group's financial integrity with record commercial growth."
Turnover increased to £54.2m compared to £48.9m the previous year, which included a more than 60 percent rise in revenue from merchandise sales.
"The commercial figures illustrate the positive sentiment of the fan base and the new-found unity between supporters, players, management and, combined with promotion to the Premier League, represents the perfect platform for continued footballing and commercial success," Kinnear added.
Leeds moved into the top half of the Premier League on Saturday with a 2-1 win over Yorkshire rivals Sheffield United.
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