Manchester City post massive loss

Cash was spent on players like Craig Bellamy, seen here against Wolves

Manchester City football club has reported an annual loss of £92.6m ($148m) for the 2008/09 financial year.

The figures reflect the large sums of money spent on top-class players by Sheikh Mansour since he bought the Eastlands club in September 2008.

They include the £32.5m signing of Brazilian star Robinho.

The figures do not take into account the further large outlay since May 2009 on players such as Carlos Tevez, Kolo Toure and Emmanuel Adebayor.

'Transformation'

The financial report also shows that Sheikh Mansour has invested £395m in Manchester City by converting loans of £305m into equity, as well as buying further shares of about £90m.

"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," said City's chief financial and administration officer, Graham Wallace.

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

Other players bought during the financial period included Craig Bellamy and Shay Given.

Away from player transfer costs, there were some positive signs in other aspects of the business.

Turnover was up 6% to £87m, while average attendances rose slightly, to 42,890 from 42,081 the year before.

A run to the latter stages of the UEFA Cup helped boost ticket revenues by £1.8m, and TV income was up by 12% to £48.3m, also boosted by the European run.