City report record losses of £92.6m

The eye-watering figure represents the biggest annual loss in English football history 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 31 May, 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 32.5m.

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 to be 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."