Big spenders City report huge losses

Manchester City have reported mammoth annual losses of £92.6million.

The eye-watering figure represents the second largest annual loss in English football history - Chelsea recorded £140million losses in 2005 - and emphasises the vast amounts of money invested by Sheikh Mansour since he bought the Eastlands outfit from Thaksin Shinawatra in September 2008.

As the figures run to May 31, 2009, they do not take into account last summer's transfer dealings. However, it does include the previous year, when City smashed the British transfer record to bring Brazilian superstar Robinho to the club for £32.5million.

Another Brazilian, Jo, also arrived although he has since joined Everton on loan, while Shay Given and Craig Bellamy were among a clutch of top-name players who joined 12 months ago.

Since then, of course, manager Mark Hughes has lost his job and been replaced by Roberto Mancini.

City's chief financial and administration officer Graham Wallace said: "The financial results reflect a period of rapid change at the club, the result of long-term planning and investment by the Board and our owners, to create a sustainable business in the future.

"We have always said that this transformation will take a number of years and these figures reflect that."

On a normal business level, there have been areas of growth.

Turnover increased by six per cent to £87million, attendances rose to 42,890 from an average of 42,081 in the previous season, with ticketing revenues ahead by £1.8million, mainly as a result of the extended UEFA Cup run.

Television revenues rose by 12% to £48.3million, also as a result of UEFA Cup performance.