The club, who are in administration and already condemned to relegation from the Premier League, are thought to owe £119m. Previous estimates put the figure at around £90m.
Andrew Andronikou, the administrator, said the figures were “vastly different from what has been reported”, but insisted they would not come as a surprise to potential buyers.
The FA Cup finalists are believed to owe £90m to unsecured creditors, a further £14m to owner Balram Chainrai, plus another £14m to several lenders for three transfers.
Of the £90m, £9m alone is thought to be owed to agents, with £2.3m owed to one agent for just one deal.