Last updated on .From the section Football

Derby's increased revenue came from their run to the Championship play-off final, where they lost 1-0 to QPR

Derby County lost £7m in the financial year ending June 2014, despite increasing turnover by nearly £5m.

But the club's American owners have once again covered the debts by converting the losses into equity.

Chief executive Sam Rush told BBC Radio Derby: "To produce revenues in excess of £20m in the Championship without parachute money is a great effort.

"We have kept losses at a stable level - losses the ownership group feel comfortable supporting."

Increased gate receipts, television revenue and sponsorship on the back of the run to the Championship play-off final helped increase turnover from £15.4m to £20.2m.

But expenditure on wages rose by £3m, contributing to the loss of £7m - down just £100,000 on the previous year.

"The £7m losses have been converted into equity so the owners have not left the debt on the club," Rush added.

"We carry on as a debt-free football club, which should give real comfort to the supporters.

"And we have ploughed that £5m back from the growth in revenue into the club and team, to enable us to compete in the league."