Wigan Athletic release their financial results for the year ended 31 May 2018 which show a net loss of £7.7 million compared to a net profit of £4.3 million in 2017.
The figures cover the season 2017-18 when Latics were promoted as champions of League One and reached the quarter final of the FA Cup.
Turnover decreased by £18.4 million to £6.7 million primarily due to the fact that this was the first season without Premier League parachute payments. EFL central payments and match related revenues also decreased as a result of the club competing in EFL League One.
Profit on the sale of players also reduced to £1 million compared to £4.6 million in the previous season.
Total expenses including salary costs and amortisation of player contracts decreased by £9.4m to £15.9 million. Total salary costs were again the most significant expenditure, however these costs decreased to £11.7 million compared to £16.6 million in the previous year.
Net liabilities increased from £11.7 million to £19.4 million as at 31 May 2018.
Chief Executive Jonathan Jackson commented: "The 2017/18 season was the first year since relegation from the Premier League in which the club had to operate without parachute payments. The loss was anticipated but these results highlight the investment required to achieve success outside the Premier League.”
"On the pitch, the season was memorable in many ways and provided immense enjoyment and pride to supporters and the people of the town. For the second consecutive time competing in League One, we were promoted as champions. It was a fitting way to mark the final full season under the ownership of the Whelan family.
"On 7 November 2018, International Entertainment Corporation purchased the majority shareholding in Wigan Athletic. The club is under new ownership for the first time since 1995 and this marks the start of an exciting new era for Wigan Athletic.”