Loss of £3.4m revealed in Barnsley FC's latest financial figures

The loss compared with a modest deficit of £0.2m in the previous year's accounts.

The Oakwell club's latest Companies House financial update also revealed that turnover dropped to £7.8m from a figure of £14m in 2017-18.

Money spent on wages was £8.1m - compared to £10.6m in the previous year, while the club announced a profit on player trading of £1.3m in comparison to £1.2m in 17-18.

A statement on the reviewing of club business for the year ending May 31, 2019 read: " Turnover reduced by £6.3m as a result of relegation to Sky Bet League One. This was primarily attributable to a reduction of EFL distributions and Premier League solidarity.

"Ticketing revenues also fell due to a reduction in the average attendance from 13,695 in 2017/18 to 12,527 in 2018-19.

"The club was able to mitigate some of this impact by contractual reductions in player wages, however due to other fixed costs, an operating loss of £4.8m was incurred (2018: £1.4m loss).

"Player trading profits of £1.3m (2018: £1.2m) after amortisation and levies reduced this loss further to £3.4m.

"Due to responsible spending in the previous season, the club was able to incur this loss using existing working capital, whilst still maintaining a healthy cash balance and avoiding external debt."

Figures revealed that the club's income from Football League distributions in 2018-19 - when the Reds were in League One - stood at £2.3m - down from the figure in the previous year of £7.9m when the Oakwell outfit were in the Championship.