Tottenham Hotspur's failure to secure Champions League football has put them in the red for the 2011-12 financial year.
Spurs played in Europe's elite event in the 2010-11 season but have been absent from the competition for the past two campaigns.
A £4.3m loss means that the White Hart Lane outfit are £34m down on last year's figures, but chairman Daniel Levy is not concerned.
He said: "We are ever ambitious for the club, driving all areas of the business.
"Our focus continues to be the delivery of an increased capacity. There is much work to be done refining the detailed design and resolving the final development issues.
"We intend to deliver this to the same high standards of the new training centre and to reward our incredibly loyal supporters with a world class stadium and one that will have made a crucial contribution to the regeneration of a priority borough in London."
Spurs are currently fourth in the Premier League in their bid to qualify for the Champions League next season.