Manchester City have announced annual losses of £194.9 million, which is the highest ever recorded in English football.

The loss is the result of the huge investments made by billionaire owner Sheikh Mansour. Wage costs alone have risen to £174million and in supplying an additional £290.9million worth of equity, Sheikh Mansour has taken his spending on City since his takeover since 2008 to a staggering £1.3billion.

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. Thankfully for City, the figures will not be taken into account used as part of UEFA's Financial Fair Play regulations as they fall outside the accounting window.

Chairman Khaldoon al-Mubarak added: "Now that we are witnessing progress, both on and off the pitch, it is more important than ever to redouble our efforts towards achieving our ambition to establish Manchester City as a more successful, sustainable and internationally competitive football club that remains at the heart of the community in which it is based."

The Blues are also pointing out that commercial revenue has risen 49.7% to £48.5million and TV rights income, thanks to the club's third place Premier League finish, winning the FA Cup to end a 35-year trophy drought and a run to the last 16 of the Europa League, has increased 27.4% to £68.8million. Overall turnover was £153.2million, breaking through the £150million barrier for the first time.