The depth of Cardiff City's financial trouble was revealed in official accounts released on Saturday.
The end of year statement for May 2004 reveals the club made a retained loss of more than £9m, taking total debts at Ninian Park to £29.6m.
The club has been unable to meet its salary obligations of £750,000 this month and in a shock move sold captain Graham Kavanagh to Wigan on Friday.
That netted £400,000, possibly rising to £600,000, but more sales are feared.
Wales defender James Collins has been linked with a move to West Ham, while top scorer Peter Thorne is wanted by fellow Championship strugglers Nottingham Forest.
Midfielders Jobi McAnuff and Paul Parry, plus defender Chris Barker could also be sold before the 24 March transfer deadline.
Cardiff face a tough home match against promotion hopefuls Sheffield United on Saturday as they seek to adjust to life without their captain.
An unexpected three-month delay in the schedule to build Cardiff's new stadium home nearby at Leckwith appears to be the chief reason behind the current crisis.
That delay is believed to have held up the arrival of expected income connected with the retail side of the Leckwith development, with construction of the 30,000-seat stadium now expected to start in July rather than May.
Expenditure on fees incurred on the new stadium project came to £2.7m, up from £741,248 in 2003.
Wages and salaries for the club's 140 employees rose by £1.3m to more than £9.7m.
The accounts also note that Rudgwick Ltd, the parent company of Cardiff City Football Club (Holdings) Ltd, received a management service charge of £583,333 (compared to £300,000 the previous year) from the group.
Rudgwick Ltd is owned and controlled by Cardiff City chairman Sam Hammam, which in turn owns 83% of the club.
Also during the year, a loan advance of £1.68m was provided by Rudgwick Ltd to the club and was "replaced" in full on 15 September 2004. Interest was charged on the loan advance at 6% above bank base rate.
Separate from the loan provided by Rudgwick Ltd, advances totalling £1.4m have been provided by three directors of Cardiff City, with interest being charged at 3% above the base rate.
As at the end of the financial year, CCFC (Holdings) Ltd owed £2.3m to Rudgwick Ltd.