Manchester City Football Club (MCFC) has reported a net loss of more than £121m for the year to 31 May 2010, compared with the previous 12 months.

A series of high-profile player purchases during the 2009 summer period are included in the losses, in addition to the amortisation of player contracts - up to £71m from £39.4m in the previous year. However, MCFC posted an increase in season ticket and ticketing revenue; matchday hospitality and corporate partnership revenue; and income from the sale of television rights.

< In a letter to club supporters, owner Sheikh Mansour said: "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." Meanwhile, Sheffield Wednesday Football Club (SWFC) revealed that it has been issued with a second winding up petition over an outstanding PAYE balance of £600,000.

The npower League One club confirmed reports that HM Revenue and Customs had served the order, although the club insists that it is not about to enter administration. A SWFC spokesperson said: "Sheffield Wednesday would like to inform supporters that their club is not about to be wound up, nor is it about to enter into administration."

Elsewhere, Heart of Midlothian has named David Southern as its new managing director, having served as marketing director at the Scottish Premier League club. Club director Sergejus Fedotovas said: "It is good to have people in the team who are as passionate and as knowledgeable in football business."