Manchester City recorded a loss of £126 million but expect to return to profitability this season

Turnover fell by almost £57 million to £478.4 million due to the delay of revenues from the Premier League and Champions League.

Operating expenses rose by £80.1 million to £641.2 million primarily because of an increase in wages and amortisation. Wage bill now above £350 million mark and wages-to-revenue ratio exceeds 70 per cent.

The club have assigned fixed charges in relation to Premier League media revenue and matchday income to HSBC as security for a credit facility with the bank.