Gloucestershire have announced a post-tax loss of £216,000 for the financial year ending 30 September 2010.
The club had budgeted for a surplus of £20,000 but income did not come up to their expectations.
A club statement said FP t20 crowds were smaller than expected and ticket sales for England's one-day clash with Bangladesh had been "disappointing".
Treasurer Tony Elgood said: "We clearly cannot continue to run the club at this level of loss."
He added: "This is the second year running that the club has had a significant deficit.
"We have set a positive budget for the current year and we will be making every effort to ensure we deliver against this budget."
Our aim is that the financial and cricketing success of the club can go forward hand in hand
Gloucestershire treasurer Tony Elgood
The club did enjoy
a better than expected Cheltenham Festival,
while the two matches they held in Gloucester broke even compared with holding the games in Bristol.
But Elgood said making full use of Nevil Road was crucial to them improving their financial results.
"Looking to the longer term, our ground development plans seek to ensure that we maximise the income from the use of the ground throughout the whole year," he added.
"If we can significantly increase this source of income, we can not only trade more profitably but will also be in a position to make greater investments in the playing squad.
"Our aim is that the financial and cricketing success of the club can go forward hand in hand."
The club will hold its annual general meeting on Thursday, 24 March.