Cuts of over £2 million have not prevented Dundee United from making a £1 million loss in the last financial year.
The figure is a £500,000 improvement on 2016, however.
United confirmed what had been revealed by new chairman Mike Martin earlier this week – the price of relegation has been very costly.
Revenue has dropped by 24% to £3,499,612 from £4,613,609 in 2016.
This is chiefly as a consequence of the triple whammy of reduced league prize money, a drop in match attendances and an early exit from the Scottish Cup.
Cost savings of £2.2 million have been made.
Other positives, according to the club, are the reduction of losses by a third from £1.5 million to £1 million; operating losses narrowing by 42%; and debt sitting at £1.8 million compared to £7.3 million a decade ago.
Martin said: “The club continues to address the financial challenges of life out with the top league. While we remain in the Championship we will continue to incur losses. The support of our corporate partners and fans continues to be impressive and we are very grateful for this.
“Promotion to the Premiership remains the priority for the club and the board are committed to financing the infrastructure and resource required to achieve this.”
