“It’s important to recognise the time period these accounts cover,” said Albion co-owner Shilen Patel, in a club statement. “From the time of my takeover, subsequent to the January window, there was not a lot of opportunity to make substantial changes to the trajectory the club was on.

“Additionally, the losses don’t exactly equate to profit and sustainability losses, so there are some differences. We’ve been working very hard to make sure that we identify every possible ‘add-back’.

“In the coming year of accounts, we’re also going to be facing heavy losses, but these are losses we have had the opportunity to mitigate through player trading, revenue generation and better management of accounts.

“We are, unfortunately, going to be looking at another year of losses in the 2024-25 season, but all of this is within the projected range.

“We’ll need to continue to be savvy. However, with a little bit more clarity around the system under which we’re going to be running the 2025-26 season, we can begin to plan more effectively.

“Our goal remains to be at the top of the Championship until we can break through to the Premier League. I think we continue to be on track to do that.”