Bristol City have recorded a loss of £11.45m for the year ending in May.
The Championship club's chairman Colin Sexstone has admitted that the loss is down to the increase in the wage bill along with interruptions during the development of the side's new stadium.
"It is a big problem," Sexstone told BBC Radio Bristol. "It's a lot of money over three years. Wages in the Championship are far too big and at Bristol City in particular they are just too much.
"We've certainly got too many players. Keith Millen [former manager] thought that and I'm sure Derek [McInnes, current manager] does too, and some of them are earning too much."
City announced a record loss of £11.8m last year following a £6.5m deficit from the previous year.
