Aston Villa have reported an £81m loss for the financial year 2015-16, the season in which they were relegated from the Premier League, prior to Dr Tony Xia's summer takeover.
According to a club statement, Villa's operating loss trebled from £26.6m in 2014-15, while turnover fell from £115.7m to £108.8m.
Villa's average home gates were hardly affected despite such a poor season.
The drop in revenue is attributed to a smaller share of Premier League money.
Villa's average home league attendance in 2015-16 was 33,690, a fall of only 1.33 % on the previous campaign, when they averaged 34,133 at their 42,660-capacity Birmingham home.