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SPL outfit Inverness have blamed last season's injury crisis for an annual deficit of close to £400,000.
Chairman Kenny Cameron revealed the club were forced to extend the playing budget to stay in the Clydesdale Bank Premier League after being hit by long-term injuries to the likes of Aaron Doran, Chris Hogg, Owain Tudur Jones and Jonny Hayes.
The club made a loss of £378,487 in the year to May 31, 2012 but finished 10th in the SPL after propping up the table in the early part of the season when their injury problems were at their worst.
Cameron said: "Every club has injuries but this extensive sequence of casualties, and their severe nature, was unprecedented in the club's history.
"It triggered physio and medical expenses significantly beyond budget and left us with no alternative, if we were to stay in the top flight, but to increase the playing squad considerably beyond the financial target which had been set.
"This scenario contributed to the majority of the losses incurred in the year under review.
"However, my view is that had we not taken the decisions we did, the outcome may well have been even more financially devastating for the club."