Bolton Wanderers have announced that their debt soared by £22.1 million in the year to the end of June 2012 - meaning they now owe £136.5 million.
Although the financial results are an improvement on the previous year - when Burnden Leisure, the club's parent company, lost £26.1 million - they do not take into account any loss in revenue from Bolton's relegation to the Championship.
In addition to that, the figure includes the sale of Gary Cahill to Chelsea for £10 million in January.
Bolton's debt in 2006 stood at around £29 million, when they just about broke even, but since then they have haemorrhaged money at an alarming rate. The latest figures show the debt has risen by 368.97% in the space of six years.
However, the club remains in a stable position despite the level of the losses because £125 million is owed to Moonshift Investments Ltd (MIL), which belongs to the club's owner, Edwin Davies. Bolton and MIL have agreed to refinance the debt into a long-term loan.
MIL recieves interest payments on the debt, which in 2012 stood at £5.517 million. The company is also owed £2.83 million in an unspecified player success fee carried over from 2011.
Chairman Phil Gartside told the club's official website: "We continue to face a tough economic climate, but we have continued to invest across the business, and for the second year we have reduced our losses.
"Key to this set of figures is the fact Eddie Davies has converted his investment in our club from short-term to long-term debt. It is a huge vote of confidence and underlines the ongoing support and commitment he has for our club.
"To lose our place in the Barclays Premier League was hugely disappointing for all of us - fans, staff and players - and our aim is to return at the first opportunity."
Bolton did see a rise in revenue from sponsorship, advertising, merchandise and licensing, but there was a drop in gate receipts and turnover fell from £67.7 million to £64.9 million.