Manchester City made a loss of £121 million last year and spent more than their entire income on wages, the club's annual report has revealed.
City's turnover for the last financial year was £125m while the club spent £133m on wages for players as their recruitment drive continued in earnest.
The 85-page report shows the second biggest loss in Premier League history since Chelsea's £141m in 2004-05.
Season ticket sales and a 400 per cent increase in sponsorship deals have shown an increase in income from £87m to £125m.
"Two years ago I was fortunate enough to become part of the Manchester City story and I remain grateful for the warmth of the welcome that you have given me," owner Sheikh Mansour said in a letter posted on the club's official website.
"The ownership of a club like Manchester City, with such a rich heritage and diverse community of stakeholders, carries a unique set of obligations to the fans, staff and broader Manchester community.
"This is something I do not take lightly.
"Therefore the challenge I set my board and executive leadership team is to develop City so that it is one of the most successful clubs both on and off the pitch, but to do so without losing any of the characteristics that make it so special."
Chief executive Garry Cook insisted that there would be no repeat of the recent massive spending on transfer fees.
"It is safe to say that player acquisitions on the scale we have seen in recent transfer windows will no longer be required in the years ahead now that we have such a deep and competitive squad," he was quoted as saying by ESPN.
There were also changes off the pitch, with an additional 106 non-playing staff recruited at the club, 408 heated seats fitted in the boardroom and over £1.5m invested in improvements to the stadium and the training ground.
Uefa's new financial regulations could present a problem a little further down the line though. The rules state that clubs can lose a maximum of £39m from now until 2014 or face sanctions which could see them banned from competitions.
City's turnover for the last financial year was £125m while the club spent £133m on wages for players as their recruitment drive continued in earnest.
The 85-page report shows the second biggest loss in Premier League history since Chelsea's £141m in 2004-05.
Season ticket sales and a 400 per cent increase in sponsorship deals have shown an increase in income from £87m to £125m.
"Two years ago I was fortunate enough to become part of the Manchester City story and I remain grateful for the warmth of the welcome that you have given me," owner Sheikh Mansour said in a letter posted on the club's official website.
"The ownership of a club like Manchester City, with such a rich heritage and diverse community of stakeholders, carries a unique set of obligations to the fans, staff and broader Manchester community.
"This is something I do not take lightly.
"Therefore the challenge I set my board and executive leadership team is to develop City so that it is one of the most successful clubs both on and off the pitch, but to do so without losing any of the characteristics that make it so special."
Chief executive Garry Cook insisted that there would be no repeat of the recent massive spending on transfer fees.
"It is safe to say that player acquisitions on the scale we have seen in recent transfer windows will no longer be required in the years ahead now that we have such a deep and competitive squad," he was quoted as saying by ESPN.
There were also changes off the pitch, with an additional 106 non-playing staff recruited at the club, 408 heated seats fitted in the boardroom and over £1.5m invested in improvements to the stadium and the training ground.
Uefa's new financial regulations could present a problem a little further down the line though. The rules state that clubs can lose a maximum of £39m from now until 2014 or face sanctions which could see them banned from competitions.
Manchester City Announce Losses Of £121m After Massive Spending On Wages
![Manchester City Announce Losses Of £121m After Massive Spending On Wages]()
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