Manchester City lost more than $85 million in a year, exceeding the amount allowed under UEFA's Financial Fair Play rules. The Abu Dhabi-owned club announced on Wednesday that it lost 149.5 million pounds ($248 million) between 2011 and 2013, the first FFP monitoring period.
UEFA is only allowing losses of up to 45 million euros ($62 million) in that two-year period. Clubs exceeding that amount risk being sanctioned, and could be banned from playing in Europe.
There isn't a single mention of FFP compliance in the annual report that was released on Wednesday.
City could point to their spending on infrastructure, the cost of long-term player contracts, and losses coming down. After losing 97.9 million pounds ($162 million) in 2011-12, City posed a loss of 51.6 million pounds ($85 million) in 2012-13.