Manchester City have announced huge losses for the second year in a row, with the club losing £97.9 million during the last financial period.
City reported turnover for the same period of £231.1m, the highest in the club's history and a rise from £150m the previous year, but still operated at a significant overall loss.
The club’s inability to progress from the Champions League group stage is believed to have had a huge impact on their turnover.
However, the figures represent a marked improvement from the season before, when City lost a total of £197.5m.
MANCHESTER CITY LATEST
Sergio Aguero is 11/1 with Bet365 to be the Premier League's top scorer this season
Moreover, it is believed that around £80m of the losses originates from contracts that pre-date 2010, from which City expect to get some kind of relief.
The overall figures have allowed the Premier League champions to remain confident in their ability to meet Uefa's Financial Fair Play guidelines as £15m of their losses have come from infrastructure and youth development costs.
The club’s annual statement for the year ending May 31, 2012, said: "The capital base of the club has also been strengthened through the issuing of £169m in new equity during the year, avoiding debt-based funding and continuing to ensure that the club is virtually debt free.”
Chief executive Ferran Soriano also said: "What I have found is a club on the verge of a historic transformation, reinforced by a genuine commitment to doing things well.
"It is a club with a rich history and the potential for an even brighter future."