Brighton & Hove Albion have announced a financial loss of £14.7m in their accounts for the 2012-13 season.

It is a further £6.1m down from the previous season, which saw an operating loss of £8.6m.

The club said that the primary reasons for the loss were a 41% increase in football costs and mainly the signing and paying of players.

"This set of results shows the reality of football in the Championship in recent years and demonstrates the very high cost of being competitive – with no guarantee of promotion to the Premier League," chief executive Paul Barber told the club website.

"We had the highest average crowd in the Football League last season and we continued to grow the revenues we can control but, in order to compete at the top end of the Championship, we had to once again rely on another considerable investment from our chairman Tony Bloom."

As of next season, Financial Fair Play rules mean that the maximum loss a club can make is £8m, a target Barber is confident of going under.

"As a club we remain committed to the Financial Fair Play philosophy. The challenge for all of us is to continue to ensure the club is as efficient as possible, while continuing to grow our income streams," he added.

Last season Brighton were defeated in the playoff semi-finals by rivals Crystal Palace, who went on to achieve promotion to the Premier League.

This season, the Seagulls are just outside the top six in ninth, seven points shy of the playoffs with 18 games of the season left.