Big-spending Manchester City have reported mammoth annual losses of £92.6 million - a figure which represents the biggest annual loss in English football history.

GettyImagesKhaldoon Al-Mubarak: City chairman.

In fact, the figures run to May 31, 2009, and do not take into account last summer's transfer dealings in which over £100 million was invested by owner Sheikh Mansour. However, it does include the previous year, when City smashed the British transfer record to bring Brazilian superstar Robinho to the club for £32.5 million.

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.

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.''

On a normal business level, there have been areas of growth. Turnover increased by six per cent to £87 million, attendances rose to 42,890 from an average of 42,081 in the previous season, with ticketing revenues ahead by £1.8 million, mainly as a result of the extended UEFA Cup run. Television revenues also rose by 12% to £48.3 million, also as a result of UEFA Cup performance.

However, the figures represent a massive change at the club. While City's playing squad is the obvious example of money being poured in from Abu Dhabi, there have been other, less noticeable costs.

Mark Hughes' demands to substantially improve the Carrington training ground were met. There were additional infrastructure costs, website and technology applications and staffing levels also went up.

For Sheikh Mansour and chairman Khaldoon Al Mubarak, these were essential in the growth of what was a middle-ranking Premier League outfit to one, by their own admission, which is expected to secure a top four spot this season and win the title - for the first time since 1969 - next.

City also announced that, just as Roman Abramovich has done at Chelsea, Sheikh Mansour has turned the £304.9 million shareholder loans he made to the club into equity. He has also purchased a further £89.6 million-worth of shares as a "show of commitment."

"The financial year to May 2009 marked the beginning of a period of significant planned investment in all areas of the club; the playing squad, the youth academy, infrastructure, website and technology applications and our people," City said on their official website. "Not surprisingly, this substantial investment has had a significant impact on this year's financial results. This investment is also forecast to similarly impact the financial results of the next several years as the club seeks to achieve success both on and off the field."