Queens Park Rangers' kamikaze spending resulted in a higher wage bill than Champions League finalists Atlético Madrid last season.
According to the Guardian, the Championship side made a £65 million loss and had £177m net debt, while their wage bill was £78m, which dwarfed Atlético's €66m (£54m).
QPR's wages soared from £27.6m to £56m for the year ending 31 May 2012 after the club barely survived relegation under Mark Hughes. Hughes was sacked in November 2012 and replaced by Harry Redknapp, who spent £20m on Loïc Rémy and Christopher Samba in January 2013, only for QPR to be relegated.
Redknapp said QPR had had their "pants pulled down" over agents' fees. Rangers paid £6.82m to agents in 2012, as they brought in 11 players during that pre-season, with only Samba Diakité, Ji-Sung Park, Esteban Granero and Stephane Mbia commanding transfer fees.
The Rs, who will compete in the Play-offs for promotion back to the Premier League, posted a loss of more than £50m during 2012-13.
Atlético won the Copa del Rey in Diego Simeone's second season in charge, following their 2012 Europa League win in Bucharest.
The Rojiblancos are top of La Liga and could win their first championship since 1996. Their defeat of Chelsea at Stamford Bridge on Wednesday night secured their first European final in 40 years.