(CNN) -- Big-spending English club Manchester City moved a step closer to meeting European football's financial fairplay requirements on Friday despite posting a loss of almost $160 million for last season. City's deficit of £97.9 million ($158 million) for 2011-12's Premier League-winning campaign was just under half that of the £197.5 million ($318 million) for the previous period -- which was the biggest loss in soccer history. The latest figure represents the fourth highest deficit in the English game -- three of which belong to City since the arrival of its Abu Dhabi owners in 2008. It can be contrasted with the $37 million net profit made by rival Manchester United in 2011-12.
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English champion Manchester City posts loss of $158 million for 2011-12 season
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Its revenues rose to a record $374 million after winning title and playing in Champions League
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Owner Sheikh Mansour bin Zayed injected $273 million to keep the club debt free
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City paid more than $325 million in player wages -- the first English club to reach that level
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"The responsibility lies with all of us to continue the hard work that will ensure that this is only the beginning of a long and successful era for @placeholder."