Man City owner happy with progress despite £121m loss

Billionaire Sheikh Mansour believes Manchester City fans will feel a sense of pride in how “far the club has come” despite the news that it has lost an astonishing £121million over the last financial year.

The Eastland club’s annual report shows City’s £125million turnover was surpassed by the £133million that was spent on wages for new signings such as Mario Balotelli, David Silva and Yaya Toure.

The 85-page report shows an increase in income from £87million to £125million thanks to new sponsorship deals and season ticket sales. However, the document also confirms the club have made the biggest loss in Premier League history since Chelsea’s £141million in 2005.

“It has been an exciting and busy two years and that is why we are publishing this annual report,” Mansour said in a letter on the club’s website.

“It is designed for you the fans, providing a detailed perspective on the progress of your club as a business, as a member of the community and of course as a great sporting institution.

“Two years ago I promised that we would try and listen to your views and keep you informed of progress. I hope after reading the report that you feel a sense of pride in just how far we have come.”