Chesterfield FC have announced losses of £500k for the past financial year.
The Spireites followed the previous year’s £40k profit with an overall loss of £506,735 for the 2016/17 financial period.
A club statement blamed relegation, a fall in the amount of cash brought in by transfers and reduced gate receipts.
The statement, posted on the club’s website, said: “Relegation during the trading year saw the income fall by nearly £900,000 compared to the previous year.
“This was mainly due to the reduced amount of transfer fees during the year.
“Gate receipts and season ticket money fell by £290,000, although TV and football awards increased by £280,000.
“The club’s costs were reduced by over £200,000, despite the costs incurred of replacing the manager and coaching staff during the year. “
Company secretary Ashley Carson admitted the financial performance was a disappointmen.
“Whilst the results are disappointing, the year had been extremely challenging, with five directors resigning and relegation to League Two.
“The club managed to negotiate a reduction in the interest costs of the loans to £100,000, from £244,000 the previous year.”
The annual general meeting will take place on Monday 5th March at 7pm.
Shareholders have been asked to submit questions using a form enclosed with the meeting papers 48 hours before the AGM.