Manchester City have announced a £7.1m loss for the six months leading up to November 2006.
City's figures compare badly with the £16.8m profit the club made in the same period in 2005 - but that included £21m from the sale of Shaun Wright-Phillips.
Since then, City's turnover has reduced by 9% to £25.7m and wage costs have risen 4%, the equivalent of £1.8m.
The news comes after City revealed on 22 February they are in "preliminary discussions" with potential investors.
City announced in December's AGM they were in talks with one investor, but it seems more than one party is keen.