Carlisle United have announced that they lost £5.1 million for the 2024-25 season in which they were relegated from the English Football League.
The accounts mark the first full 12-month period under the ownership of the Florida-based Piatak family.
Last season Carlisle had three head coaches and could not prevent a second successive relegation into the National League as they finished 23rd in League Two.
"This has been a challenging year, but important foundations have been laid," said the club's board in a statement.
"We've invested in our people, facilities, hospitality, commercial growth and community. We are fully committed to building a strong future for Carlisle United."
The loss of £5.1m was significantly up from the £2.8m the club lost in the previous season, with an extra £1m spent on player wages and over £500,000 on transfer fees. There was also a 20% drop in turnover from £8.3m to £6.6m.
But the Piataks have converted a £12m loan into equity to be used as a long-term investment into the club.
Significant money has been spent off the pitch over the past 12 months in improving facilities in and around Brunton Park, which the club believes will increase commercial revenue.
Chairman Tom Piatak added: "We believe in Carlisle United, its supporters, and its future, and we will continue to invest to help the club move forward in a sustainable and responsible way."
With five games to go, Carlisle have secured a play-off spot in the National League, with that almost certainly being the route they will have to take to regain their EFL status at the first attempt.
