Dundee fans have dreaded such news for some time now though few can say it is any higher than they expected and far lower than the scaremonger fans from across the road predicted.
A lot of this can be put down to the high wages of players like Claudio Caniggia, who didn't come cheap. To raise the profile of the club meant investing heavily in quality players that caused no little stir in Scottish football.
I see this as no cause for panic as Dundee have many players of quality on long term contracts, who could wipe this debt with 2 or 3 decent sales, a top 6 league position, a new TV deal that might still be in place for the new season and a good cup run.
The actual debt for the 2000/2001 season was approx £1.75 million of a loss, the extra including a loss of £0.75 million for the season before Ivano arrived.
The good news is that Dundee have sold 4,400 season tickets for the season to come and this despite the off field farces that have became almost commonplace. Compare this with only 700 season ticket holders 4 years ago and the club would be seen to be moving in the right direction.
It is obvious that a loss will have been made in the past season, 2001/2002 and failure to make the top 6 and challenge for a European place will have cost the club heavily.
The curtailing of the playing staff by allowing quite a few out of contract to move on will save a fortune in wages and it's doubtful we'll see many big salaried players arriving from now on. But it's time for the fans to show some realism.
Of the star players we still possess several will have to be sold, hopefully in the long run rather than before August 31st when the transfer window closes until January. At least Dundee have assets other teams in similar debts can only dream about.
So even more pressure is upon the shoulders of new team boss Jim Duffy to try to take this team to greater things. If he does he deserves the freedom of Dens Park at least.