But with the only main creditor being owner and chairman Dave Whelan who has ploughed his cash into the club for the past decade, it's not a figure which is causing alarm bells to ring at Latics.
The report to shareholders showed a loss of £5,270,336 after taxation for the financial year ending May 31 last year, compared to £5,803,351 in 2003.
More than £5.5m was paid out in wages to the 39 staff on the books, with turnover increasing to £3,982,988 from £2,874,626.
Chief executive Brenda Spencer told the Evening Post: "If we get up into the Premiership, our running costs aren't going to rely as much on input from Dave Whelan.
"We will roughly get £20m for promotion and the crowds will inevitably get bigger meaning we get more revenue at the turnstiles.
"It would mean the financial figures having a better look about them, so hopefully we can make that final push.
"These are exciting times for the club.
"Our average crowd is now 11,157 and that could go up again when you bear in mind there are two more home games to be played – the attendance against Reading on the final afternoon should be huge.
"Last season the average was 9,527 so we have seen a big jump since then and promotion to the Premiership would see the figure rise considerably.
"While of course it's always disappointing when the club announces a loss, you have to look at the bigger picture and see just how much the club is progressing.
"We've more season ticket holders than ever, the fan base is growing, and the progress on the pitch under Paul Jewell has been superb."
These latest financial figures cover Latics' first season at this level of football in which the club twice splashed out transfer fees of £1m or more.
On the pitch, Latics youth team were beaten 2-0 by Oldham at Boundary Park in last night's Lancashire FA Youth Cup final.
Chief executive Brenda Spencer will be a guest of the CHAT group at St Peter's CE Church, Bryn, tomorrow night, talking about Latics and her role with the club.
It starts at 8pm and is open to the public.
Latics' following at Leicester was 2,022, the fourth highest away support at the Walkers Stadium this season.