These latest numbers show a 42 per cent increase in losses at the club, with the club losing £37.6m the previous financial year, but it continues the trend of increased losses every year since Lerner took over.

The sales of Ashley Young to Manchester United and Stewart Downing to Liverpool have not been included in the latest figures, while Lerner injected £25m into the club.

The club’s chief financial officer, Robin Russell, said: "The board is confident that the actions taken since the end of the 2010-11 financial year have galvanised the longer-term sustainability of the club and have given us a better financial platform on which to build for future success.

"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.

"Our objectives are to compete strongly on the pitch and to achieve sustainability as well as compliance with UEFA's Financial Fair Play requirements."