Blackpool made a profit of £5.5m in the year ending May 2013, according to directors.

Despite the gains, pre-tax profits were down 60% from £15.1m the previous year because of a drop in Premier League parachute payments and early exits in the FA Cup and League Cup.

During the period, the club also lost managers Ian Holloway and Michael Appleton, while directors Karl Oyston and his father Owen were paid £568,024 compared to £117,599 the previous year.

"Remaining in the Championship is not considered a considerable risk to the company as turnover will still be assisted by guaranteed parachute payments from the Premier League," the Blackpool Gazette quotes directors as saying.

Now under the interim charge of Barry Ferguson, Blackpool have plummeted to 19th in the table because of a 16-match winless run.