Manchester City have announced losses of £121m for the 12 months leading up to 31 May this year, having spent more on wages than their entire turnover.
The financial losses, up from £92.5m for the previous year, represent one of the heaviest in Premier League history. Wage costs of £133m exceeded a turnover of £125m, which in the vast majority of businesses would be unsustainable.
But City are owned by wealthy Sheikh Mansour of Abu Dhabi, who wants to see the club competing at the very top.
He has invested heavily since buying City - who have not won a trophy for 34 years - from the former Thai prime minister Thaksin Shinawatra in late 2008.
World-renowned players such as Carlos Tevez, David Silva and Yaya Toure have joined as Roberto Mancini's squad bid to break into the top four of the Premier League, having just missed out last season.
"Two years ago I was fortunate enough to become part of the Manchester City story and I remain grateful for the warmth of the welcome that you have given me," Sheikh Mansour said in a letter posted on the club's official website.
"The ownership of a club like Manchester City, with such a rich heritage and diverse community of stakeholders, carries a unique set of obligations to the fans, staff and broader Manchester community.
"This is something I do not take lightly.
"Therefore the challenge I set my board and executive leadership team is to develop City so that it is one of the most successful clubs both on and off the pitch, but to do so without losing any of the characteristics that make it so special."
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