The club says the loss is down to its recent activity in the transfer market with 17 players leaving and 21 joining over the year. A total of £37.5million was spent on transfer fees for new players.
The Daily Telegraph reports chairman Daniel Levy as saying: “This has been possible through the support of the club’s key investors and the ongoing financial stability of the club’s operations.
“This level of investment underlines the ambitions we have but is clearly not sustainable.”
Profits before player trading were more than £9.7million.
