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Cheltenham Town have recorded an operating loss of £531,000 for the year ending May 2023.

The League One club had recorded a profit of £412,000 the year before, meaning the loss represents a £943,000 change in 12 months.

Revenue was also down £88,000, although the club had purchased their training facility Seasons in the last year.

A statement said the club "has not been immune from the current set of economic challenges,".

Cheltenham are in their third campaign in the third tier although are currently 21st in the table, three points from safety, and in a fight for league survival.

The were £305,000 for 'EFL and Premier League subscriptions', the result of a one-off payment made the previous financial year, and £297,000 less due to player sales and manager compensations.

Attendance has increased at the Completely Suzuki Stadium, but gate receipts represented a £32,000 reduction on the year before although the club's run to the semi-finals in the EFL Trophy last year brought an extra £132,000 in prize money and commercial activity went up by £318,000.

Cheltenham have one of the smallest budgets in League One and their costs of sales rose by £561,000, with administrative costs up £241,000 and wages by £418,000.

"Player sales have mitigated the challenges we continue to face in the current financial year with costs rising at a greater rate than revenue," the club said.

"As a result the board has embarked on a strategic mapping process to identify the key areas for growth and stability alongside the ongoing task of League One survival.

"A fourth successive season in League One would be unprecedented. We will always adopt a fan-first decision making process.

"The club continues to maintain its model of player development through the Academy. Meanwhile, recruitment is key with a focus on young talent."