Premier League champions Manchester City have announced annual losses of £97.9million.
Although the sum is still enormous, it is less than half the £197.5million announced 12 months ago.
And with City reporting turnover in the 2011-12 season of £231.1million, the highest in the club's history, it underlines the rapid progress being made by the Premier League champions in establishing themselves as one of Europe's elite clubs.
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