Sky Bet Championship leaders Leeds United have reported annual pre-tax losses of £21.4m for 2018-19, Marcelo Bielsa's first season as head coach.
The club's operating loss was £36.1m but more than £15m was brought in through player sales.
The accounts cover the 12 months to 30 June 2019, a year in which Leeds narrowly missed out on promotion to the Premier League.
They finished third in England's second tier, behind Norwich City and Sheffield United, before losing to Derby County in the play-off semi-finals.
Bielsa's opening campaign at Elland Road saw the club's wage bill increase by almost 50%, from £31.4m in 2017/18 to £46.2m in 2018/19.
The accounts also show that Leeds' turnover increased from £40.7m to £48.9m, with the average home attendance rising by 2,512 fans to 34,033.
Leeds were top of the Championship with nine games left to play when the coronavirus pandemic caused the season to be suspended.
Despite the lockdown and no live football our Premier League Weekly podcast is back talking furlough and best keepers.
Laura Woods delivers her latest column on funny managerial moments and missing the game during the coronavirus crisis.
