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The full picture of Cardiff City’s finances have been laid bare - with the club revealed to have lost almost £12m last year despite seeing their income rocket during their short-lived stay in the Premier League.

The club’s latest accounts have revealed the total amount it owes now adds up to a massive £174m, most of which is owed to majority shareholder Vincent Tan.

Cardiff’s City’s huge debts dwarf the value of its stadium, players and other assets - meaning that it owes £81m more than the value of all its assets.

The net deficit of £81m has risen from £69.3m the year before.

More:The latest Cardiff City news

(Image: Action Images / Tony O'Brien)

The accounts, which cover the year ending May 2014, show that the club lost money during its spell in the Premier League despite seeing revenue increase from £14.5m to £79.9m thanks mainly to £63.9m of broadcast payments for the year ending May 2014.

That loss was equivalent to nearly £1m a month after splashing out £45m on transfers and paying £46.7m on wages.

Losses were down thanks to the cash boost provided by Premier League television rights, falling from £30.9m in the 2012/2013 promotion season to £11.7m last term.

But the club was still dependent on Mr Tan.

The key Cardiff City figures £174m Total owed £79.9m Total revenue £2m The cost of replacing Mackay with Solskjaer £46.7m Wage costs £5.1m Disposal of player registrations £45m Amount spent on players

The Malaysian businessman doubling the amount of loans to the club during their season in the English top-flight with the accounts disclosing that ‘overseas shareholders and associated undertakings’ has now loaned a total of £130m to the club.

With money still owed elsewhere – including a new 8% interest-bearing loan of £7.5m to a non-UK registered company Torman Finance Inc – it means the club technically owes £174m as part of its current liabilities with £129.7m technically due within one year.

In the accounts the club state their net debt stands at £81m – up from £69.3m - with the value of Cardiff City Stadium and the playing squad offsetting some of the monies owed. The club themselves are owed £15.7m.

Pictures: The full transfer spending under Vincent Tan

In the accounts, chairman Mehmet Dalman reveals in his statement – signed July 2014 – the club had hopes for automatic promotion back to the Premier League, the accounts reiterating promotion to the Premier League in May 2015 as part of its its outlook summary.

The accounts suggest it cost around £2m to replace Malky Mackay with Ole Gunnar Solskjaer in January 2014.

It states gate receipts increased from £6.2m to £8.2m while “centralised broadcasting and commercial distributions” rose from £4.8m in the Championship to £63.9m.

Wages and salaries across the club rose from £27m to £46.7m while “disposal of players’ registrations” during that period is quoted at £5.1m.

Cost of player registrations is stated at £45.7m, up from £16.5m the previous season, while £11.6m came from sales.

Tan has always stated an intention to turn his debt to equity, the provision for which is again highlighted in the accounts. Chairman Dalman has recently stated that remains the plan, although did admit he would not advise him to do so at this current moment in time.