St Mirren have posted a loss of £1.6million as part of their latest annual financial report.
The statement covers the period of time between May 2021 and May 2022.
Investment in the club's training ground was highlighted as one of the reasons for the hole in the finances.
Despite the Buddies taking in £435,000 for Jamie McGrath last January and also receiving compensation for Jim Goodwin moving to Aberdeen just under a year ago, the Paisley side still posted a loss.
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Club chairman John Needham said as part of the report: "The year under review proved extremely challenging for all football clubs. As a result of the impacts of Covid-19 extending longer than anticipated, and a number of increased and exceptional costs, we sustained a loss of£1,598,506.
"Covid restricted the return of fans at the start of the season and this depressed gate receipts and commercial income. Costs were also hit by the cessation of the furlough scheme, increased costs in restarting operations and compliance with the rules designed to minimise the risks of Covid infection.
"On the field we initially maintained the playing budget in line with the previous season, but the signing of two players in the August Transfer Window and player bonuses took playing costs higher.
"A significant transfer deal collapsed on Deadline Day meaning that the increased playing costs could not be matched by the anticipated transfer income.
"Off the field there was a significant increase in the planned costs for the renovations at our Ralston Training Ground. This was largely caused by changes to the size and specifications of the new building.
"The costs of running our academy also increased beyond budget during the year. Steps have been taken to minimise the risk of any spend beyond budget in future.
"In summary, the financial results are extremely disappointing as a result of a number of factors and we estimate that the items described contributed to costs or lost income of c. £1.5million."
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