The head of Aston Villa's shareholders' group yesterday pointed to more "doom" for the club, following the release of figures which showed its relegation from the finance league.
Jonathan Fear, chairman of Aston Villa Shareholders' Association, said the club was falling "in every league" that is produced.
He raised concerns that Villa were a "rudderless ship", unsuccessful on the pitch and in terms of profits.
Mr Fear was speaking after Villa slipped out of the league of the top 20 of the world's richest clubs, in terms of turnover, produced by finance company Deloitte & Touche.
Villa tumbled from 20th to 26th as revenue fell from £55.9 million in 2003/04 to £51.6 million during the 2004/0 season.
Deloitte's Dan Jones said Villa's turnover was "not a disaster" for the club, and blamed the figures on lost television revenue and the team's relatively poor performance in recent years.
However, Mr Fear said the lack of funds to keep loan-player Eirik Bakke at the club last month, or the uncertainty over the future of defender Mark Delaney were two examples of lack of resources at Villa Park.
He said: "Year after year, no matter what league or table you look at, we are falling. Whenever there is any competition, there is doom.
"When we have a loan player like Bakke leaving, it goes to show that there is no investment or backing for the manager."
Mr Jones said about £3 million of Villa's revenue decrease was attributable to broadcasting rates going down, which the club had very little control over.
"A new Sky deal is lower in terms of domestic revenue than it had previously been," he said. "The falling revenue is also down to the team not doing very well in the league.
"But Villa are still the 26th biggest club in the world in terms of revenue. The financial story is that revenue is down but this is not a disaster by any means."
Villa's £51.6 million revenue is less than a third of Manchester United's (£166.4 million).