Championship side Norwich's accounts up to 30 June show post-tax losses of £2.7m and a £25m drop in income.
The decline in income came after they were relegated from the Premier League in May 2016, before finishing eighth in the Championship last season.
The club spent £4.3m on severance costs for 15 members of staff, including CEO Jez Moxey and head coach Alex Neil.
Moxey received a £700,000 termination package, with details of Neil's compensation kept confidential.
External debt at Carrow Road has fallen to £1.8m, down from £2.7m in the previous set of accounts.
"The truth is the big change in that year was a huge drop in broadcasting revenue coming down from the Premier League to the Championship - even with the parachute payments it's a big hit to our finances," chairman Ed Balls told BBC Radio Norfolk.
"We manage things in a careful way, so the players have contracts which mean that their wage costs come down, but that's not enough to compensate for the loss of revenue.
"That's why we have to make sure that everything we do matches keeping the finances sound - keeping the cash coming in because this is not a club that has debt - but at the same time making sure that we are ambitious and make the changes we need to make."