Manchester City improve on last year's losses by recording financial hit of £93.4m

Manchester City have announced that they have recorded a financial pre-tax loss of £93.4m in this calendar year.

The hefty figure is an improvement on last year's loss, which came to £189.6m after the Premier League champions broke the bank for a host of players in the transfer window.

The report has revealed that revenues have increased by 51% due to City's qualification into the Champions League, which brought £22m into the club, while a new sponsorship deal with Etihad Airways enabled the commercial revenue to double.

Sheikh Mansour bought the North-West club in 2008.