The Lancashire club, now in their third season in the Championship following relegation from the Premier League in 2012, have seen net debt rise to £79.8m, up from £54.5m the previous year.
From the glory days of Premier League to dark days in the Championship, Black Rovers'and their Indian owner's Venky's have seen them all.
Blackburn were one of three clubs handed a transfer embargo by the Football League for failure to comply with Financial Fair Play rules in December 2014.
Speaking on BBC Radio Lancashire, Managing Director, Derek Shaw said the club’s owners were working hard to regain promotion to the Premier League and that they would not sell club assets to reduce losses.
"The owners know that we've been changing a lot of things around at the football club," he said.
"We came down with a Premier League squad that was very well paid and it's just been too much [money] to lose - we've been unable to move enough people out.
"We have a lot of work. We could sell assets, but our owners don't want to sell assets. Our owners want us to get promoted."
Turnover increased from £26.9m to £30.4m and wages decreased from £36.6m to £34.5m
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