- Manchester City announce losses of over $300 million for the last financial year
- The massive deficit is a record amount for a club in English football
- City currently lead the Premier League with 10 wins from 11 matches this season
Premier League leaders Manchester City have announced losses of $307.8 million for the financial year 2010-2011 -- the highest-ever recorded in English football.
Despite the massive deficit , City confirmed on their official website that the figures were expected and they now expect an upward trend in their financial graph.
"Our losses, which we predicted as part of our accelerated investment strategy, will not be repeated on this scale in the future," said chief operating officer Graham Wallace.
He added: "These financial results represent the bottoming out of financial losses at Manchester City, before the club is able to move towards a more sustainable position in all aspects of its operations in the years ahead."
With UEFA's Financial Fair Play regulations set to kick in for the start of the 2012-13 season, City's hierarchy will be relieved that these figures fall outside UEFA's accounting window, with Wallace adding: "As we undertake the club's commercial transformation, we are cognizant of the incoming regulations.
"Consequently we continue to maintain positive and ongoing dialogue with all appropriate football authorities."
City have undertaken a massive spending regime since their new Abu Dhabi owners took control of the club in 2008, with huge sums of money laid out for stars such as Edin Dzeko, Samir Nasri, David Villa, Sergio Aguero and Yaya Toure.
Manager Roberto Mancini has led his star-studded squad to the top of the Premier League this season, winning all but one of their 11 games in the process.
However, high-earning players like Emmanuel Adebayor, Carlos Tevez and Roque Santa Cruz all remain on the wage bill, despite not having a first team future with the club, and the financial figures are likely to be considerably more favorable for the 2011-12 financial year.