David Wagner’s men upset the odds to reach the Premier League last May when triumphing in the play-off final.
That success earned the Terriers a minimum windfall of around £92m but none of this sum appears in the latest financial figures, which have been lodged with Companies House today, due to falling outside the 12 months to June 30, 2017.
Town’s turnover, the accounts reveal, soared from £11.3m in the previous 12 months to £15.8m but the annual wage bill, comprising players and staff, rose by 73 per cent from £12.53m to £21.732m.
This figure includes the bonuses for winning promotion, which were all paid before the end of the financial year.
The statement accompanying the accounts reads: “The operating loss (before profit on sale of player registrations) increased from £9.6m to £21.9m, principally reflecting the costs of promotion totalling £11.9m.
“The reduced contribution from player trading resulted in the overall loss before tax for the year increased significantly to £19.6m.”