Cheltenham Town have reported a loss of �219,583 for their first season back in League One.

Lower than expected crowd figures and an increase in wages to around �1.5m was compounded by the lack of an FA Cup run, although other revenues increased.

Commercial income for the season rose by nearly 570 percent to over �300,000.

The sale of Grant McCann and Brian Wilson brought in a combined total of �150,000, which was nearly matched by donations from directors.

BBC Radio Gloucestershire understands that the club hopes another six-figure sum could soon be invested by two shareholders

The club also acknowledge that the best way forward to become profitable as a business is to increase attendances at Whaddon Road.