Bristol City FC have reported an increase in pre-tax losses to more than £14m in their latest annual accounts. Chairman Keith Dawe described the year as "disappointing and difficult" for the club.
For the year to 31 May 2012, the club posted turnover of £11.9m – down from £12m in the previous year. Pre-tax losses widened to £14.4m compared with £11.4m last year.
During the year a total of £148,696 was spent on new stadium expenditure – down from £691,315 in the previous year.
Chairman Keith Dawe said: "The financial results for the year ended May 31st 2012 once again reflect a disappointing and difficult year for the club. The loss of £14.4m illustrates how much work is required to reduce costs and grow our income in order to comply with the new Financial Fair Play (FFP) regulations, brought in by the Football League.
"It also shows how fixed-term contracts for players mean there is no easy or quick solution, but an improvement in recruitment and selection criteria can certainly aid us going forward.
"Manager Derek McInnes has a firm focus on results on the pitch but is equally aware of the financial demands of FFP on the club, and this rounded understanding and determination can only help us in our ultimate aims.
"The ongoing developments of the new stadium (which has now been in fruition for five years) continue to cause us much frustration and cost, however, with the management of the project now in the hands of the owners, this allows us to focus on our core business and push to get results without distractions."
The club's staffing costs have increased from £15.9m to £18.7m, with the number of staff increasing to 158 compared with 146 in 2011.
Although turnover has slightly fallen because of a small fall in season ticket revenue and revenue from the Football League pool, broadcasting revenue increased from £127,864 to £220,000.
Last week it was announced that an inquiry into the future of the site for the club's new stadium would be delayed, a move described as "ludicrous" by Ashton Vale landowner Vence.