Port Adelaide have reported a statutory loss of more than $4 million for last season, blowing out the AFL club's overall debt to $12m.
The Power says its operating revenue dropped 32 per cent in the 12-month period ending October 31 last year because of the coronavirus pandemic.
Port cut its cost base by 31 per cent, some $17.86m, across the year as COVID-19 became "the greatest financial threat in the club's history", chairman David Koch said.
"We were forced to make some extremely tough decisions through 2020, which sadly meant farewelling some fantastic Port Adelaide people," Koch said in a statement on Friday.
"That was a horrible reality for us in 2020 and it is a challenge the whole industry has had to deal with but decisions needed to be made to ensure our club was positioned to come through this extremely challenging time."
Port finished the season with additional borrowings of $4.275m, increasing its overall debt position to $12 million, he said.
The club incurred a statutory loss of $4,040,579.
Koch said core revenues in all areas were impacted, including significant gate and hospitality revenue reductions with only seven home games played before restricted crowd numbers.
"Whilst we suffered financially like most businesses during 2020, we saw continued growth from our football program, falling just short of a grand final appearance," he said.
"The club is in a great position to challenge in 2021.
"Off the field ... we finished 2020 materially better than we could have ever expected - 95 per cent of our members pledged their 2020 membership funds to the club despite the reduction of crowds at Adelaide Oval.
"Other important business metrics are also showing 2021 is looking much better for the club.
"Membership, hospitality and commercial partnerships are all tracking strongly against budget."