English Premier League leader Manchester City has announced losses of $307.8 million for the financial year 2010-2011 -- the highest-ever recorded in English soccer. The club confirmed that the
figures were expected and it now expects 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. "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."
Since its new Abu Dhabi owners took control of the club in 2008, Man City spent huge sums on stars such as Edin Dzeko, Samir Nasri, David Silva, Sergio Aguero and Yaya Toure.
High-earning players such as Emmanuel Adebayor, Carlos Tevez and Roque Santa Cruz remain on the wage bill despite not having a first team future with the club.