Bolton Wanderers have confirmed a loss of £35.4m for the year ending June 30, tripling the loss announced 12 months earlier.
The Reebok Stadium club forked out £4.2m in sacking former boss Gary Megson and hiring replacement Owen Coyle from Burnley back in January, while £15m was spent on bringing in players, with no players departing, as the wage bill rose 14% to £46.4m.
Wanderers' net debt grew to £93m, but despite the loss chairman Phil Gartside insists the club will not be forced to sell its most prized assets.
He said: “The cost of transition from one manager to another is always expensive, and we have got a player transition where we have a surplus on the playing staff of about six or seven players.
“We wanted to shed players in the summer to bring the wages down but we couldn’t because the market has died. We are trying to control costs, we are trying to reduce our wage bill and that will continue.
“We are a trading club, we are not a selling club. There will be times when we have to trade players and he is our goal in the next few years.”