Plymouth Argyle made a record financial loss of £714,522 in the year to May 2007, almost double last year's losses.
Chairman Paul Stapleton says the high wages demanded by players in the Championship has increased expenditure.
"While turnover has increased by almost £1m there has been a significant increase in the wages paid for players," he said.
Falling gates have also contributed, with Argyle's average attendance 13,012, 3,500 less than four years ago.
The accounts show that Argyle made a loss of £311,720 for the year to May 2007, with transfer fees adding another £402,802 on top of that.
"It is essential that we do our best to encourage supporters to come to our games and also look to increase our non-match day revenue," Stapleton added.
But the club did purchase the freehold to Home Park during the accounting period and Stapleton is hopeful it will enable the club to increase future profits as the club are now in control of the stadium.
"This major transaction for the football club has now enabled us to push forward with our plans for the redevelopment of the South Stand," he said.
Come on people get down there and watch us head for the top!
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