The days of free spending at Manchester City under Sheikh Mansour appear to be over after the English Premier League club announced losses of $191 million (£121 million) in the 12 months to May.

Wages for the period were an eye-watering $12.6 million higher than the turnover of $197 million with the losses increasing from $146 million last year.

Garry Cook, the chief executive officer, said in the club’s annual report: “It is safe to say that player acquisitions on the scale we have seen in recent transfer windows will no longer be required in the years ahead now that we have such a deep and competitive squad. In 2009-10, we narrowly fell short of our goals on the pitch, but still achieved nine club records including our best ever result in the Premier League.”

While it will be pleased with its on-field improvements — with the club’s 67 points its highest in the Premier League and qualification on merit for Europe for the first time in 30 years — there were also positives among its off-field results.

Away from the eye-catching losses, turnover has increased by 40 percent. There has been a considerable hike in commercial activity, which has more than doubled to $83.3 million. Similarly, the club’s average attendance for EPL home games in 2009-10 was 45,513, up 6.1 percent on the previous season.

The club also boasts of being virtually debt-free, with only $56.8 million of long-term commercial bank debt after the conversion of shareholder loans into equity.