MANCHESTER, ENGLAND - JANUARY 15: Sergio Aguero of Manchester City celebrates scoring his team's fourth goal with team-mates Edin Dzeko (L) and Aleksandar Kolarov during the Budweiser FA Cup Third Round Replay match between Manchester City and Blackburn Rovers at the Etihad Stadium on January 15, 2014 in Manchester, England. (Photo by Chris Brunskill/Getty Images)

London – 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 team announced Wednesday that they had lost $248 million between 2011 and 2013, the first FFP monitoring period, as they spent heavily to transform the club into a European power.

Uefa only allow losses of up to $62 million in that two-year period. Clubs exceeding that amount risk being sanctioned, and could be banned from playing in Europe.

There’s no mention of FFP compliance in the annual report that was released Wednesday.

To comply with FFP, City could point to their spending on infrastructure, the cost of long-term player contracts, and losses coming down.

After losing $162 million in 2011-12, City posted a loss of $85 million in 2012-13 and revealed that net spending since then in the summer transfer window was $139 million.

The 2012-13 losses would have been more than the previous year had City not generated $78 million by selling intellectual property which could include their branding, to “third parties” or “related parties”.

Salaries jumped by 15 percent to $386 million in 2012-13.

But City disclosed that they are now operating with “zero financial debt,” while announcing that turnover has risen to $449 million.

“Growing revenues and controlled expenses are bringing the club to break-even in the immediate future and profitability thereafter,” chief executive Ferran Soriano said.

The first Uefa decisions on FFP compliance are expected during March and April. – Sapa-AP