The figure is in spite of the league generating a record £2.3bn in income, with City by far the worst offenders as they recorded a loss of £197m.
That figure does not take into account the money they spent last summer on the likes of Sergio Aguero, Gael Clichy and Samir Nasri. Those figures will not be revealed until the end of this year.
Man City were also the only Premier League club whose wage bill (£174m) exceeded their turnover (£153m).
Next on the list were Chelsea, who lost £68m - a sum cushioned by a £94m bank loan from owner Roman Abramovich - while Liverpool were third on the list having lost £49m.
The club that made the most profit was Newcastle United at £33m, thanks in large part to their sale of Andy Carroll to Liverpool for £35m, while Manchester United managed to win the league that season and make a profit of £12m despite spending less on wages than Chelsea and Man City while also paying £50m in interest on debts loaded on to the club by owners the Glazer family.
The Guardian explains that the record level of income was "partly the result of the first year of the Premier League's 2010‑13 TV deals, in which a record £1.5bn was earned from overseas broadcasters".
Birmingham City's accounts were not included on the list as they have not filed their accounts for 2010/11 – a season when they were relegated.
UEFA plans to fully implement financial fair play rules by the start of the 2013/14 season, when clubs' football-related income will have to at least match their football-related expenditure if they wish to compete in the Champions League or Europa League.
However, the Premier League has so far rejected the idea of bringing in similar rules.