Crewe have posted losses of £821,934 for last season as turnover slumped at Gresty Road.
Turnover dropped nearly £2million to £3.5million after relegation to League Two, with gate receipts being almost cut in half. The huge loss comes despite receiving £1.3million in transfer fees for the season.
Club owner Norman Hassall told the club's AGM: 'The trend (of losses) is continuing in the current year and if we don't sell another player between now and June we will be posting a loss of £1million.'