Dundee United have recorded a loss of £3.7m in the last year.
An annual report for shareholders details a deficit of £3,759,220, compared to £218,993 for the previous year, although the 2018 figure was reduced by £1.4m of sell-on fees.
Salary costs, including pensions and social security contributions, also came in at £4,159,060, 133% of an annual turnover of £3,124,236.
That figure has been inflated by a 39% wage increase of £1.13m.
"The significant loss emphasises the level of financial investment made by Mark Ogren to the club," said a board statement in advance of Tuesday's annual general meeting.
"[It also] includes the costs associated with undertaking the restructuring that was required, including a complete overhaul of the first-team playing squad and coaching staff, and restructuring the academy."
Ogren took a controlling share in December but the club failed to achieve promotion to the Scottish Premiership.
Currently, the Tannadice side sit three points clear at the top of the Championship after 10 games, with directors insisting the American will continue his financial backing in their quest for the top flight.
"The performance of the team in recent years has led to the company making significant financial losses, which have required substantial investment to maintain the company as a going concern," the report said.
"The principal risk to the business is therefore the possibility of the team remaining in the Championship for a prolonged period of time.
"The new owners are committed to providing the required funding to the club to maintain it as a going concern in the Championship, and also to provide the platform to enhance the team's prospects of promotion to the Premiership."