ST Helens lost around £2.4m during their year as tenants at Widnes in 2011 but chairman Eamonn McManus claims the club are in a stable financial situation.
The losses are significantly greater than the deficit of £1.35million Saints recorded for the financial year up to 2010, their final season at Knowsley Road, and £940,000 in 2009.
But McManus says their season at the Stobart Stadium was “a necessary year of sacrifice” as they awaited the construction of their new ground, Langtree Park, which will guarantee a bright future.
“The ownership of Langtree Park has transformed our balance sheet and provides us with a strong financial and operating platform to take us commercially to a position of strength and confidence,” he said.
“Although there are significant start-up costs at Langtree Park and it has opened one-third of the way through the financial year ending in October 2012, we are already seeing a very substantial improvement in financial performance and this will strengthen even more in 2013.
“The losses in the season at Widnes were expected and budgeted for by the club and reflected a significant drop on gate receipts and in all attendant lines of commercial income.
“It was a necessary year of sacrifice to attain a platform for stability and growth.”