A headline loss of £11.4m for the year ended 31 May 2011 is only a slight reduction from £12.3m the previous year with Nigel Doughty now owed £75.6m.
Although the report makes clear that Doughty's financial support will continue in the short-term (covering commitments made to players while he was still club chairman) and that he is the sole secured creditor of the club, the critical issue now looks to be a wage bill that ran at 109% of turnover in 2010/11.
Uefa's new financial fair play rules operate a 70% limit of wages to turnover while the most recent Deloitte report into football finances gave a Championship-wide figure of 88%, leading to talk of a salary cap in the second tier being introduced.
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