Accounts published by Blue Square Bet Premier club Grimsby Town show losses for the 2010/11 season of nearly £1m.
The Mariners, in their second season at this level following relegation from the Football League, have accumulated losses of £3.5m.
The club are currently operating without a chairman following the resignation of John Fenty in September.
Despite the losses the club say they still plan to relocate from Blundell Park, their home since 1899.
In a statement, the club said: "The Board of Directors have never lost sight of the urgency to relocate, as it is becoming harder and harder each year to expect individuals to bridge mounting trading losses ensuring that Grimsby Town Football Club can meet its financial obligations."
Grimsby currently stand 15th in the table - just four points clear of danger.