Manchester City announce losses of £121m

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It has been revealed that Manchester City lost an incredible £121 million in the last financial year and they spent more on wages than their entire income.

The club's annual report has shown that City's turnover of £125 million was surpassed by the £133 million that they splashed out on wages for new players like Mario Balotelli, James Milner and Yaya Toure.

Billionaire Sheikh Mansour bin Zayed Al Nahyan's first year in charge has shown an increase in income - from £87 million to £125 million - which comes from more season ticket sales and a 400% increase in sponsorship deals. But the 85-page report also highlights the second biggest loss in Premier League history since Chelsea's £141 million in 2004-05.

The club's net expenditure on transfers from May has been £96.6 million and finance chief Graham Wallace says players were brought in ''to address historical needs''.

Chief Executive Garry Cook claimed that that the financial results 'should come as no surprise' and said there would be no repeat of the club's transfer spending.

"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 said.

Off the pitch City recruited an additional 106 non-playing staff, they donated £423,586 to UK charities and put over £1.5 million into developments to the stadium and the training ground. Some of these improvements included 408 heated seats in the boardroom and 30% bigger pies on sale during matchdays.

They did recoup some cash from the sale of 12,000 of Roberto Mancini's trademark scarves, at £8 each.

However, the club will have to turn things around to get in line with the new UEFA financial regulations. The rules stipulate clubs can lose a maximum of £39 million from now until 2014 or face sanctions which could see sides banned from competitions.

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