World football governing body Fifa lost nearly £300m in 2016 and is scheduled to lose close to £400m in 2017.
Legal costs related to the corruption scandal which engulfed the organisation and "ill-considered previous investments" contributed to the losses.
The latest financial results follow a loss of nearly £100m in 2015.
Fifa forecasts a financial recovery in 2018, when Russia hosts the World Cup, and expects to finish the four years since 2014 with an £80m profit.
The governing body, which is still under criminal investigations in Switzerland and the United States, paid out nearly £50m to lawyers last year.
Former president Sepp Blatter's investments in a football museum and hotel in Zurich have proved unsuccessful so far, too, and are referred to as "ill-considered".