Premier League leaders Manchester City have revealed an annual loss of £194.9m (€227m) for 2010-11, the biggest ever in English football.
The world's richest club's loss does not include the stadium sponsorship deal with Etihad Airlines, reportedly worth £35m (€41m) a year, or revenues from this season's Champions League campaign.
"Our losses, which we predicted as part of our accelerated investment strategy, will not be repeated on this scale in the future," chief operating officer Graham Wallace said in a club statement on Friday.
"These financial results represent the bottoming out of financial losses at Manchester City before the club is able to move towards a more sustainable position in all aspects of its operations in the years ahead."
UEFA's financial fair play rules, which aim to stop reckless spending on wages and transfer fees and come into full effect in 2013-14, say clubs must break even over three years.
City's latest figures fall outside that accounting window.
"We are cognisant of the incoming UEFA financial fair play regulations and consequently we continue to maintain positive and ongoing dialogue with all appropriate football authorities," added Wallace.
Since being taken over by Sheikh Mansour in 2008, City have spent more than £600 million pounds on building a team to challenge for top honours.
Earlier this year City won their first major trophy for 35 years when they beat Stoke City 1-0 in the FA Cup final, and they currently lead English champions and rivals Manchester United by five points after 11 matches.