Championship Burnley have paid the price for just one campaign in the Premier League by reporting a £4m pre-tax loss for last season.
"The hard effect of relegation was a loss in our trading accounts and its effect on the financial strength of the company," said chairman Barry Kilby.
The accounts for the year ending 30 June 2011 show a drop in turnover from £45.3m to £27.3m.
That was primarily as a result of the fall in broadcasting revenues.
The Clarets spent just one season in the Premier League, ending up six points adrift of safety.