Manchester City reveal financial losses of £121m
City show off four of their new signings with boss Mancini in the summer
Manchester City have announced losses of £121m for the 12 months leading up to 31 May this year, having spent more on wages than their entire turnover.
The financial losses, up from £92.5m for the previous year, represent one of the heaviest in Premier League history.
Chief executive Garry Cook says City will now scale back on new signings.
"Player acquisitions on the scale we have seen in recent transfer windows will no longer be required," said Cook. "The squad is in ideal shape."
He added: "In 2009-10, we narrowly fell short of our goals on the pitch, but still achieved nine club records including our best-ever result in the Premier League."
Wage costs of £133m exceeded a turnover of £125m last year, which in the vast majority of businesses would be unsustainable. But City are owned by wealthy Sheikh Mansour of Abu Dhabi, who wants to see the club competing at the very top.
He has spent more than £300m on players since buying City - who have not won a trophy for 34 years - from the former Thai prime minister Thaksin Shinawatra in 2008.
World-renowned stars such as
Carlos Tevez, James Milner, David Silva and Yaya Toure have joined the club on big weekly wages as Roberto Mancini's squad bid to break into the top four of the English Premier League, having just missed out in fifth place last season.
"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," Sheikh Mansour bin Zayed Al Nahyan 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.
BBC Sport - Football - Manchester City reveal financial losses of £121m