In its 13th annual review on the finances of Scottish football, finance experts PriceWaterhouseCoopers said the combined losses of the 12 Scottish Premier League (SPL) clubs stood at a record high of £137m ($214m/B218m).
But because the report is based on the 2000/01 football season, some SPL clubs have claimed that the figures are out of date.
"The football market throughout Europe has been experiencing turbulent times, especially in the last few years, and Scotland is not immune," a spokesman for the SPL said.
"The figures in the PWC report cover the period 2000/01 and are therefore over a year out of date. Since then, we have seen a real change in the approach of clubs to their finances, with a welcome emphasis on youth development and a much reduced spend on transfer activity.
"Due to the long-term nature of the contracts offered to players previously, it will be a further three or four years before the full benefit of this new approach is felt, but our clubs are certainly moving in the right direction."
To find out what was said in the PWC report, read the features section of today's sportbusiness.com
