Borussia Dortmund have reported the highest-ever debt in the history of German football.

Debts increased rose to €118.8m in the year 2003-2004, compared to €73.m on the previous 12 months.

The club also posted a loss of €67.7m compared with a profit €3.3m the previous year.

Borussia chairman Gerd Niebaum told a news conference: “We have probably made some misjudgements.”