Aston Villa suffered an increased loss of £53.9million for the last financial year but insist there are "positive trends" in terms of their long-term financial stability.
Villa had to to pay out £12million in management costs after the departures of Martin O'Neill and Gerard Houllier during that period.
The club's chief financial officer Robin Russell said: "Given the challenging economic environment that we have been experiencing in the west midlands and indeed globally, we are pleased with the positive trends in our financial performance."
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