Derby County lost £7.1m for the year ending June 2013 but are no longer in debt to their owners, who have converted £22.5m of loans into equity.
The Rams still owe £15m in loans on the club's iPro Stadium but, that aside, they are now effectively debt free.
The losses are a decrease of £800,000 on the previous financial year.
"The owners have further reaffirmed their commitment to the future of Derby County," chief executive Sam Rush told BBC Radio Derby.
"The owners continue to support the club and I think this leaves us in a very positive position."