Manchester City has revealed that its financial losses for 2011-12 have halved from a year earlier.
The Premier League champions announced a pre-tax loss of £93.4m, down from £189.6m in 2010-11.
Revenues increased 51% to £231.1m, with the club's first appearance in the Uefa Champions League contributing more than £22m in new revenue.
The club's sponsorship deal with Etihad Airways helped commercial partnership revenue double from £48.5m to £97m.
City's operating loss also improved from a record £194.9m to £104.1m.
Uefa's Financial Fair Play rules, which say clubs must break even over three years, come into full effect in 2013-14.Investment impact
City was acquired by Sheikh Mansour of Abu Dhabi in 2008. In its annual report, the club said it had undergone a "significant period of investment" since then. Over that time, it has spent about half a billion pounds on new players.
"The club's performance in the 2011-12 reporting period demonstrates the tangible and positive impacts of that investment across many areas of our operations," it said.
It added that its player recruitment strategy had transitioned from one of rebuilding to one of refinement.
"With a relatively young squad that has won an FA Cup and a Barclays Premier League in consecutive seasons, our recruitment needs have been reduced.
"As a result, the amortisation of player contracts and the net impact of player trading on the club's bottom line has decreased by 27% (£30.3m) over the previous year, consistent with our belief that the peak of the club's investment in its playing squad has passed."
The club's wage bill increased to £178.2m from £153.7m the previous year.
That covered 237 football players and staff and 239 commercial and administration staff.