Manchester City FC has announced a loss of £121m for the 2009-2010 financial year after the club continued to invest in new players.
Whilst the figures don’t include transfers from this summer, they do cover a period during which City invested in the likes of Carlos Tevez and Emmanuel Adebayor. The club did report an increase in turnover at Eastlands which rose from £87m to £125m however Abu Dhabi United Investment & Development company, owned by Sheikh Mansour, has pumped a further £53.2m into City.
Commenting on the figures in his review, chief executive Garry Cook said: "Manchester City Football Club is undergoing a significant transformation, and our financial results for 2009-10 reflect the pace of that process through rapid and ongoing investment in our infrastructure, facilities and professional capabilities.
"Investments made in the 2009-10 financial year are consistent with our owner’s long-term vision to operate on a more successful and sustainable footing in the future.
"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."
City risk being subjected to financial fair play regulations brought in by UEFA, which state that clubs can lose up to £39m from now until 2014 or risk being banned from competitions including the Champions League.