( 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 . United posted a reduced revenue of £320 million ( $ 517 million ) for that period , while City closed the gap with a club-record turnover of £231.1 million ( $ 374 million ) . Both are substantially behind leading Spanish clubs Real Madrid and Barcelona . Chelsea boosted by first profit in Abramovich era . It was the first time that City had breached the £200 million ( $ 323 million ) mark , and reflects the club 's attempts to become more self-sufficient and avoid possible punishment from UEFA for failing to meet FFP targets . However , owner Sheikh Mansour bin Zayed still injected £169 million ( $ 273 million ) in order to keep the club debt free . `` It is important to recognise the personal and ongoing influence of Sheikh Mansour bin Zayed on the rapid transformation that is taking place , '' said chairman Khaldoon al-Mubarak . `` The hard work of everyone involved at Manchester City over the last four years has begun to create an obvious momentum . '' Last season City won the English title for the first time since 1969 , and made a debut appearance in the UEFA Champions League . Manchester United seeks to cash in as sponsor DHL is sent packing . The club 's revenue would have been higher if not for a group-stage exit from Europe 's top club competition -- which has been repeated already this season -- but new chief executive Ferran Soriano was satisfied with the results . He joined City in September , having previously helped transform the financial fortunes of Barcelona between 2003-08 . `` What I have found is a club on the verge of a historic transformation , reinforced by a genuine commitment to doing things well . It is a club with a rich history and the potential for an even brighter future , '' he said . With the FFP rules coming into play from next season , City officials are under pressure to conform -- or face the possible expulsion from European competition and a withholding of prize money . A 10-year stadium rights deal with Etihad Airlines -- owned by Abu Dhabi 's royal family -- which also includes the club 's under-construction campus has considerably boosted City 's balance sheet . It is building an academy to try to avoid paying over the odds for star players in the future -- the £201.8 million ( $ 326 million ) wage bill for 2011-12 made City the first English club to break £200 million in salaries , according to the Sporting Intelligence website . That equates to more than $ 890,000 a day . `` The City Football Academy will strengthen the club 's youth development and training capabilities , enable more players to move through the Academy and Elite Development Squads into the first team in the future , while bringing all of the club 's operations together on a single site within the Etihad Campus , '' Khaldoon said . `` 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 Manchester City . ''
English champion Manchester City posts loss of $ 158 million for 2011-12 season . Its revenues rose to a record $ 374 million after winning title and playing in Champions League . Owner Sheikh Mansour bin Zayed injected $ 273 million to keep the club debt free . City paid more than $ 325 million in player wages -- the first English club to reach that level .