He does, however, say it was unfair to label them title favourites given everyone else could spend what they liked.
The Blues were disappointing in their title defence as they failed to keep up with Jose Mourinho’s fiercely competitive and consistent Chelsea side in the Premier League, while they also struggled in both domestic cup competitions and in Europe.
That has led to many reviews of where it may have gone wrong and who is to blame for the failure at the Etihad, and now Pellegrini has given his assessment, saying they lacked two important qualities any successful side must possess.
“In general, everyone lacked ambition and greater commitment,” he told El Mercurio.
“Everybody in the club were dissatisfied with the team's performance this season. The owners, managers, coaches, players, fans, everyone.”
Unfair to be labelled as title favourites
Last season saw them come under fierce scrutiny for breaking Financial Fair Play rules, which resulted in them being both fined and having their squad restricted in the Champions League.
Pellegrini, though, says it was unfair to label them as title favourites given that their rivals were allowed to spend whatever they liked, with Manchester United in particular having dug deep last summer.
“It's not an excuse, but we did not have to be the favourites when Chelsea, Liverpool, Arsenal and Manchester United were spending what they wanted,” he added.
While the City boss may have a point about the money being spent by other clubs, many will not be feeling sorry for him or his side considering the huge sums they have splashed out previously to get where they are now.
In fact, many would suggest that it is an excuse, despite what he may say. They could even point to the work undertaken by Chelsea, last season's title winners, who manage to sign top quality players but also sell stars for big sums, thereby staying within the rules of FFP and challenging at the same time.