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Shrewsbury Town have reported a £3m loss for the 2022-23 season.

The club came 12th in League One, their second highest place in 30 years, but made major end of season changes as manager Steve Cotterill and chief executive Brian Caldwell both left.

"It was without question the most challenging and difficult season since my appointment as chairman in 1996," said Town chairman Roland Wycherley.

"It is with regret that we have to confirm losses of £3m."

He added, in his chairman's report in the accounts submitted to His Majesty's Revenue & Customs: "With losses of £600,000 also being recorded in the restated 2022 accounts, this follows total losses of more than £3m over the previous three seasons."

Shrewsbury, now approaching the end of their ninth straight season in English football's third tier, finished third in 2017-18, when Paul Hurst was first their manager, just missing out in the play-offs at Wembley.

Hurst returned to the club this season as head coach following the sacking of summer recruit Matt Taylor - with the target of keeping the club in the division. They currently sit 17th with seven games to go, eight points clear of safety.

But Wycherley, who had to support the club with more than £1m of his own money at the end of last season, added that the club's current revenue streams will limit their potential to punch above their weight again like they did in 2018, when they came so close to reaching the second tier again for the first time since 1989.

Wycherley said: "The method of calculation of the salary cap in the EFL means that our total revenue would need to double to be able to afford a playing budget to compete with many clubs currently in League One."

Town's latest chief executive Liam Dooley, who was appointed by the club in October, added: "Shrewsbury Town are aware that the 2023 accounts have been published on Companies House."

"As in previous years, the club will not be making comment until after the meeting of shareholders which will be on 18 April."