MIDDLESBROUGH’S latest accounts have revealed the extent to which the club took a calculated financial gamble on winning promotion to the Premier League last season.

The accounts, which were released earlier today, revealed a pre-tax loss of £31.9m in the financial year to June 30, 2016.

That represents a huge increase on the £9m loss which was incurred in the previous 12 months, and reflects the level of support provided by Steve Gibson to fund last season’s promotion push.

The loss is mainly attributable to the signings that arrived at the Riverside in the summer of 2015 and the January transfer window of 2016, both in terms of fees paid to other clubs and the resultant increase in the wage bill.

Boro signed the likes of Stewart Downing, Cristhian Stuani and David Nugent in the summer covered by the latest accounts, and embarked on a significant spending spree the following January that saw Jordan Rhodes complete a move from Blackburn Rovers that eventually cost £13m. Rhodes’ subsequent departure to Sheffield Wednesday is not included in the period covered by yesterday’s accounts.

The signings meant Boro’s wage bill increased by more than 50 per cent from £18.1m to £28.6m, a figure that represented more than 100 per cent of the club’s total annual income in the Championship.

That ratio is widely regarded as unsustainable, and underlines just how important it was that Boro secured promotion last May, having missed out 12 months earlier when they lost to Norwich City in the play-off final.

Revenue in the period to June 2016 increased marginally to £21.6m, but operating costs rose from £25m to £40m.

Those costs will have increased further in the last nine months, but the club’s revenue figures in their next set of wages will soar thanks to the financial riches on offer in the Premier league.

Even if Boro fail to finish outside the bottom three this season, they will bank around £100m from their season in the Premier League, with the promise of further parachute payments on their return to the Championship. If they can finish outside the relegation zone, they expect a minimum income of £200m by the end of next season.

As a result, Middlesbrough’s parent company, Gibson O’Neill Company Limited, will not be required to make a direct investment this season.

The statement accompanying the accounts said: “The going concern basis of the company depends on the support from the Gibson O’Neill Company Limited, the ultimate parent undertaking, who will continue for the foreseeable future.

“With promotion to the Premier League, there is no requirement for further funds to be advanced to the company from the Gibson O’Neill Company Limited.”

Gate receipts accounted for the majority of Boro’s income over the accounting period, although they fell from £8m to £7.2m largely because the club exited the FA Cup at the third round stage and were not involved in the play-offs.

Cup income fell to £1.2m, sponsorship and commercial earnings brought in £4.9m, merchandising accounted for £3.1m, while broadcasting income increased marginally from £4.3m to £5m. The difference between that figure and the amount Boro will earn from the Premier League this season is astronomical.