Bolton Wanderers' parent company have announced a £13.2million loss.
Burnden Leisure Plc saw net debt swell from £53.54million to £64.05m, as net losses increased by £5m, from £8.1m, for the year ending June 30, 2009.
Much of the cost has been put down to last summer's player purchases - including club record signing Johan Elmander, Fabrice Muamba and Danny Shittu.
Chief executive Allan Duckworth said: "I think you have got to take it all in the context of a restructure, the fact we are trying to regain some stability, and I think that over a two year period we are now at the point where that has returned.
"We accept that has taken its toll but you also have to take into account we are in a major financial downturn, which has had an impact, although the main impact is likely to be this year.
"Expectations for the current year might perhaps need to be tempered. The fact we are now in a very deep recession - probably the worst economic spell we have had in many a decade - will bring its own challenges."