Queens Park Rangers' debt has risen from £56 million to £89 million, accounts covering the club's first season back in the Premier League reveal.
The QPR Holdings Limited data, which covers last season - Tony Fernandes' first as chairman - shows Rangers made a £22.6 million loss during the campaign, despite turnover increasing from £16 million to £64 million after promotion from the Championship.
The Loftus Road club have spent heavily since promotion to the top flight, with the sacked Mark Hughes and his successor Harry Redknapp bringing in a string of expensive players.
QPR's wage bill, which covers all club employees, rose from £26 million to £51 million after promotion.
Rangers spent £25 million on new faces last season and have spent a further £30 million more in the last two transfer windows, bringing in players including Christopher Samba and Loic Remy, meaning another hefty loss is likely in the next set of accounts.
Fernandes remains committed to establishing the west Londoners, currently bottom of the table and four points adrift of safety, in the top flight.
He has outlined plans to build a new and larger stadium to replace Loftus Road, and Rangers have reportedly narrowed their search down to two sites.
"When, alongside my business partners, I purchased a majority shareholding in August 2011, my goal was to turn QPR into an established Premier League club," Fernandes said.
"This remains my focus, and I continue to work closely with Amit Bhatia and other shareholders to make this a reality. Under the guidance of our new manager Harry Redknapp, we are hopeful that the club will secure their Premier League status.
"We are confident that the 2012-13 season will also see the club continue to make progress towards achieving their short, medium and long-term off-pitch targets."