Borussia Dortmund, have reported losses of just under €3m for the six months to December 2003.
The 1997 European champions, who failed to progress beyond the qualifying round for the Champions League and then made an early exit from the UEFA Cup, said in a statement that losses before tax were €29.4m.
“Borussia Dortmund looks back on a very difficult first half of the financial year,” club president Gerd Niebaum told a shareholders meeting.
“The sporting setbacks were a consequence of an exceptional number of injury worries,” he added.
Niebaum said less-than-expected revenue from television rights were the main reason for the financial problems of the only German club listed on the stock market.
The club president said Dortmund needed to save money but would make a dicision on whether to sell players at the end of the season.
The Dortmund players agreed a 20 percent pay cut following the team’s failure to survive the qualifying round of the Champions League in September.