League One leaders Bristol City have reported a trading loss of £9.2m for the year ending 31 May 2014.
A club statement said sales for the period were down £3.9m as a result of relegation from the Championship under former manager Sean O'Driscoll.
However, City's operating costs were lowered by 29%, including a salary reduction of £5.5m.
Now managed by Steve Cotterill, who was appointed in December 2013, City are 11 points clear at the top of the table.
The club, who posted an operating loss of £12.9m in 2013, are also in the process of redeveloping their Ashton Gate home to make it a 27,000 capacity stadium.
"Our plans to provide the people of Bristol with significantly enhanced stadium facilities here at Ashton Gate Stadium have received much publicity.
"Sizeable costs for professional advice and planning applications to support this work have been incurred during the 2013-14 financial year," said chairman Keith Dawe, reacting to the published accounts.
"I am sure that we will all benefit from the rebuilding work that we are just starting at Ashton Gate and that together we will have a stadium that we can all be proud of and which will give us a sound base for future success together."