Sunderland Football Club has reported a loss of £8.8m for the 12 months when it was pushing for promotion to the Premiership, seven times its £1.2m losses for the previous year.

The club has attracted criticism from fans for not investing more in the team, both to gain promotion and to secure its Premiership status.

But the figures for the year to July 31 show the Sunderland board has put every penny of the income it will receive from top-flight football into team building. And the board say they are not in a position to borrow any more, having already put off paying back the club's £40m debt while in the Championship.

The club's income dropped more than £3m to £25.45m from £28.5m in 2004, thanks to fewer games being played at the Stadium of Light.

But still the board sanctioned manager Mick McCarthy shaking up his squad in an attempt to stay in the top flight.

Fans have been frustrated not to see any household names added, but still transfer fees and higher wages have swallowed up the bigger income available in the Premiership.

In the year to July 31, Sunderland's wage bill was a staggering £16.3m - well ahead of the Championship norm - and it has risen since then, reportedly ahead of rival promoted clubs Wigan Athletic and West Ham United.

Sunderland chief executive Peter Walker said: "We have invested heavily in wages and transfer fees. These figures reflect the costs of achieving promotion.

"We maintained debt at a stable level, as we said we would in the Championship. This summer, we have not taken on any additional staff or capital expenditure - everything we have been generating has gone on the playing squad."

Mr Walker explained that Premiership television money was vital for the club's finances, even when in the Championship. The Black Cats received an £8m "parachute" payment last year, and this financial year will receive about £18m, but the additional £10m has already been accounted for with transfer fees and an increased wage bill.

Chairman Bob Murray said: "Any promoted club must live with the reality of moving quickly from the euphoria of promotion to being one of the favourites for relegation. We have invested the maximum possible in the squad and despite a difficult start, it is vital that the club and its supporters continue to give the team all the support possible for the rest of the season."

But fans were not impressed with the club's results, claiming more money could be invested - and more wisely.

Journal juror Robin Ramsey, 51, of Dunston, said: "I've been a Sunderland supporter all my life and we get platitudes from the club on an annual basis. It never changes. I find it incredible that we can't find the money to pay players to perform consistently in the Premiership."

Another juror, Lawrence Coady, 50, of Lanchester in County Durham, said: "The players Mick McCarthy has brought in are not good enough, especially the goalkeeper. When Newcastle go and spend £30m on players I don't know how they afford it, but we can't.

"I believe Mr Murray should be putting his hand in his pocket."