Preston North End have reported net pre-tax losses of £9.17million for the last year with an operating loss of £5.94million, up from £3.38million.
The Championship outfit have seen a 25 per cent increase in staff costs from £8.99million to £11.24million which was "almost all attributable to increases in players' wages".
However, these losses do not include the sales of former captain Paul McKenna to Nottingham Forest for £750,000 or the impending £4.5million transfer of Sean St Ledger to Middlesbrough.
Chairman Derek Shaw, who admitted the club had been kept afloat by loans from major shareholders, said: "It is becoming increasingly difficult to continue to meet the expectations of fans who want the club to be competing for promotion every year.
"Of course we all want to see this level of success. However the competition from the relegated Premier League sides and their financial resources makes this extremely difficult."
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