Financial losses, up from £ 92.5m the previous year, is one of the toughest in the history of the Premier League.
Wage costs of £ 133m turnover exceeds £ 125, which in most businesses will become unsustainable.
But the City is owned by Sheikh Mansour of Abu Dhabi's wealthy, who want to see the club compete at the very top.
He has spent more than £ 300 million on players since buying the City - which has not won a trophy for 34 years - from ex-minister of Thailand Thaksin Shinawatra in late 2008.
The world-famous stars such as Carlos Tevez, James Milner, David Silva and Yaya Toure has joined the club on a weekly wage for Roberto Mancini's squad bid to get into the top four English Premier League, having just missed out on fifth place last season.
"Two years ago I was lucky enough to be part of the Manchester City story, and I remain grateful for the warm welcome that has given me," said Sheikh Mansour bin Zayed Al Nahyan in a letter posted on the official club website.
"The ownership of a club like Manchester City, with such a rich heritage and diverse community of stakeholders, carries a unique set of obligations to the fans, staff and broader Manchester community.
"This is something I do not take lightly.
"Therefore the challenge I set my board and executive leadership team is to develop City so that it is one of the most successful clubs both on and off the pitch, but to do so without losing any of the characteristics that make it so special."
The highest financial Premier League loss was Chelsea's in 2004-2005, with the London club losing £141m at the end of the first full year following the takeover by Russian oligarch Roman Abramovich.
Though City's wage bill rose from £83m to £133m following Sheikh Mansour's first full year of ownership, the club has appointed a further 106 non-playing staff during the period in question.
It also increased earnings from £87m in 2008-2009 to £125m, with all 35,000 season tickets sold for the season and "partnership income" - chiefly sponsorship deals - rising by almost 400% to £32.4m.
As with Chelsea, Manchester City have stressed that they intend for their business to eventually become far more financially sustainable.
European football's governing body Uefa is set to introduce new financial fair play rulings from next year, with sanctions such as exclusion from European competition if they are not met fully.
source : BBC
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