Championship outfit Sheffield United have announced losses of £18.7million for the year ending June 30.
Yet the Blades have unveiled plans to restructure some of their external business activities - including selling their stake in Chinese club Chengdu Blades and the nearby Copthorne Hotel - in a bid to avoid financial problems similar to those being endured by rivals Sheffield Wednesday and leave the club debt free by 2013.
Chairman Kevin McCabe said: "Some tough decisions have been taken to totally reshape the group. The time is right to ensure the club is positioned to avoid the type of damage that is currently afflicting, or set to affect, so many other clubs."
The Blades made a profit of £6million the previous year, but that was due almost entirely to the payment received from West Ham over the Carlos Tevez affair.
"I firmly believe the Blades are now in the right position to progress," added McCabe.
"I believe we have the team in place to drive the Blades on as we return to a back-to-basics approach at the football club."