Premier League champions Manchester City have announced annual losses of £97.9 million.
Although the sum is still enormous, it is less than half the £197.5m announced 12 months ago.
And with City reporting turnover in the 2011-12 season of £231.1m, 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.
Although failure to progress from the Champions League group stage has had an obvious impact on turnover, this year and last, the club are still delighted with the performance.
And they are confident even the huge losses confirmed today will not have an impact on their ability to meet Uefa's strict Financial Fair Play guidelines as £15m comes from infrastructure and youth development costs.
More importantly, approximately £80m comes from contracts that pre-date 2010, from which City expect to get some kind of relief.
City's annual statement for the year ending May 31 2012 also confirms the "capital base of the club has also been strengthened through the issuing of £169m in new equity during the year, avoiding debt-based funding and continuing to ensure that the club is virtually debt free".
Clearly, the largesse of owner Sheikh Mansour is still required to make the club viable in the short-term.
However, with plans for the state-of-the-art academy and training facility across the road from the Etihad Stadium now well advanced, club officials believe within the medium term that the club, who ended a 35-year wait for a trophy when they won the FA Cup in 2011, will be self-sustaining.
Chief executive Ferran Soriano said: "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."
While the results show marginal increases in gate receipts and TV revenue, it is in the commercial sector where City are making huge gains.
Revenue went up from £64.7m to £121.1m, underlining City's increased growing global exposure, which is being shown in all areas, from merchandise to club tours.
City's overall wage bill rose from £151.6m to £178.1m.
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