Manchester City chief executive Ferran Soriano remains optimistic about the club's future despite reporting £97.9million losses for the year to May 2012.

Hauling City into Europe's elite is coming at a hefty price for owner Sheikh Mansour, whose spending on the Blues has catapulted well beyond £1billion. The latest figures come less than a week after a defeat to Manchester United left City adrift of their major domestic rivals, and in the wake of an embarrassing Champions League group-stage exit.

But Soriano, the former Barcelona man recruited to guide City on the next stage of their staggering journey, said: "There are many reasons to be optimistic. Having returned to the summit of English football in 2011-12, the club has earned the chance to compete for a place as one of the biggest and most successful globally in the years ahead."

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