Swansea City reported a pre-tax loss of £4.6m in their accounts for the year ending 31 July, 2021.
This compares to a profit of £2.7m in the previous year and a loss of £7m in the year ending 31 July, 2019.
Turnover at the Championship club was down from £50m to £27.5m.
“These accounts covered an extremely uncertain period for all clubs with the entirety of 2020-21 league season played behind closed doors,” said Swansea chief executive Julian Winter.
“It was also our final year of receiving parachute payments following relegation from the Premier League, with the club continuing to commit to a long-term model of being financially stable.
“The club remains in a comparatively positive financial position within the Championship as we strive to be sustainable whilst ensuring we remain competitive on the pitch in order to achieve our long-term ambition of returning to the Premier League.”
Broadcast revenue was £21.6m compared to £38.9m the previous year, while commercial revenue dropped from £2.6m to £1.2m.
Matchday income also fell to £1.7m from £4.8m. The income generated was a result of some fans deciding to leave season-ticket money in the club.
The accounts filed with Companies House also state Swansea’s operating costs fell to £47.8m, from £64.5m in 2020, while staff costs were cut from £40.2m to £27.7m.
The accounts include the sale of Joe Rodon to Tottenham Hotspur for an initial £11m, while no dividends were paid to shareholders during the financial year.
The club received two interest free loans from the EFL that were made available to all Championship clubs as a result of the Covid-19 pandemic, and convertible loan notes that came as a result of director Jake Silverstein’s investment in August 2020. This funding was matched by Swansea Football LLC.