The figures highlight Villa's dramatic fall from grace as the Premier League's bottom club face relegation to the Championship.
ESPN claim they are a fall from the £1.6m profit recorded the previous season in which a frugal Villa transfer policy saw them narrowly avoid relegation.
The club spent just £10.4m on new players last term and finished 17th in the table, down two places on the previous year.
One man arriving at Villa this summer could be Liverpool's Jerome Sinclair.
But he may be swayed to join Villa with the promise of first-team football.
Sinclair made his Reds debut back in the 2012 Capital One Cup and briefly went on loan to Wigan last season, making one appearance.
He scored his first Liverpool goal in their 2-2 FA Cup draw at Exeter earlier this year and was a late substitute in their 0-0 Premier League tie with West Ham at the end of January.
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