Bolton Wanderers' parent company recorded a loss of more than £13m in the last financial year despite seeing attendances at the Reebok rise by 8%.
The figures announced by Burnden Leisure showed turnover improved by 3% to £51.8m but losses went from up from £8m to £13.2m.
But the Trotters were one of only two clubs in the Premier League to see an increase in crowds.
Average attendance rose from 20,900 in 2007/8 to 22,485 last season.
Allan Duckworth, chief executive of Burnden Leisure, said: "Despite the difficult economic conditions and the challenges that brings our objectives remain clear and focused.
"Over the past year we have continued to invest across the business to improve competitiveness and prepare for recovery."
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