Dundee United recorded a £3.9m profit for the year to June 2015 but admit spending continues to exceed income.
The club say it's "the largest profit since the foundation of the football club in 1909".
United - currently bottom of the Scottish Premiership - sold Ryan Gauld, Gary Mackay-Steven and Stuart Armstrong during the accounting period.
Net debt was reduced to £1.28m. Turnover was up 4% to £5.82m but there was an operating loss of £799,000.
Debt had stood at £7.3m in 2007 while the latest profit represents a £2.7m increase on the previous year.
"It is noted that the club continues to spend more than it generates in income," the club added.
"The operating loss for the year was £799k and only successful player trading can sustain such losses.
"Much work continues to be done on identifying and implementing reductions in operating expenses and the value of this work should be reflected in forthcoming results."