Stoke City have reported a loss for the year of £25.7m for the 2023-24 season, their sixth straight campaign in the Championship.
Despite making 26 new signings between the opening of the 2023 summer transfer window and the end of the season, that also included a £4.4m profit on sales of players.
But, following a £7.3m reduction in staff wages in 2022-23, this increased to £4.3m in 2023-24.
The accounts also show a £6.1m net investment in facilities, while work has started on the £12m improvement of the club's Clayton Wood training ground, due to be completed in December.