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| Manchester City reveals record £194.9m loss | Manchester City reveals record £194.9m loss |
| (40 minutes later) | |
| Manchester City has reported an annual loss of £194.9m for 2010-11, the biggest in English football history. | Manchester City has reported an annual loss of £194.9m for 2010-11, the biggest in English football history. |
| But the loss does not include the club's huge sponsorship deal with Etihad Airlines, worth a reported £35m a year, or revenues from this season's Champions League campaign. | But the loss does not include the club's huge sponsorship deal with Etihad Airlines, worth a reported £35m a year, or revenues from this season's Champions League campaign. |
| Uefa's Financial Fair Play rules, which come into full effect in 2013-14, say clubs must break even over three years. | |
| But the latest figures fall outside the accounting window for that. | But the latest figures fall outside the accounting window for that. |
| The scale of the losses reflect the investments made by City owner Sheikh Mansour of Abu Dhabi, who has spent more than £460m on players since taking over the club in 2008. | |
| Since then, City have been transformed into the current Premier League leaders. | |
| Brian Marwood, chief football operations officer at the club, told the BBC: "We know that we still have an awful lot of work to do but I think it's exactly where we said we would be in terms of the initial investment. | |
| "Over a period of time we are fully aware we have to be compliant and there's a lot of work going on to make sure that's achieved." | |
| He added that the club was working with Uefa all the time and was "comfortable" with the governing body's new rules. |