Hull City will this week announce the club made a loss in its promotion year to the Premier League of just under £28m, the owner Assem Allam has told the Guardian. The figure, £27.8m, principally financed manager Steve Bruce's signings and an increased wage bill in the 12 months to 31 July this year. The losses came before the summer's major signing for City, midfielder Tom Huddlestone from Tottenham Hotspur for £5m.

The huge loss in 2012-13 follows major losses in the two previous years of Allam's ownership since he took the club over in December 2010. City lost £20m in that first year, then £9m in 2011-12, a total, with the loss due to be announced this week, of £57m over three years. Allam said the accounts will show that he has put in £66m since taking over; having paid £27m initially to stave off a winding-up petition and pay a bank debt.

Allam said the City wage bill is now up to around £36m a year, and he intends to buy a striker in January to supplement manager Steve Bruce's squad's chances of staying up this season. This year in the Premier League, he expects the club will lose £11m.

"It is a lot of money I have put in, £66m," Allam said. "So far I am comfortable with it, as long as we are achieving results."

However, he said he could not "keep throwing money into it," and needs the club to become self-financing in the Premier League. The renaming of the club Hull Tigers, which fans' groups are vehemently opposing but he insisted he intends to do early next year, is aimed at making money by marketing the club globally.

"I wouldn't allow the club to be in any risk," Allam pledged, "as long as I am not deprived of the opportunity to make money for it."