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The Premier League giants have also announced the club have paid off all of their outstanding loans and are currently operating with no financial debt for the first time

Manchester City have released their annual report for 2012-13, revealing that they have almost halved their losses to €63 million, while recording an annual turnover of €328m.

Manuel Pellegrini's side have also announced the club have paid off all remaining loans and are currently operating with no financial debt for the first time.

Uefa regulations on Financial Fair Play dictate that clubs must aggregate losses to €45m or under across 2011-12 and 2012-13 - a figure that City far exceed at €181m - but the details of the Premier League side's significant reduction on the previous year's loss of €119m may satisfy the administration's alternative that teams show a concerted effort to cut losses.

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The ability to deduct costs from spending on youth infrastructure as well as wages paid to players signed before 2010, should clubs have reduced losses between the two specified seasons, should bring City under the threshold.

Chairman Khaldoon Al Mubarak, in an official statement on the report, insists that the club's recent success has "generated significant commercial opportunities for the organisation and underpinned a strong momentum for the years ahead."

Ferran Soriano, the club's chief executive, is also optimistic about the club's current financial health, adding: "Growing revenues and controlled expenses are bringing the club to break even in the immediate future and profitability thereafter."

City are enjoying a successful season on the pitch this season, currently sitting two points behind leaders Arsenal in the Premier League table with a game in hand.

Pellegrini's men have also qualified for the knockout stages of the Champions League for the first time in their history and are safely through to the fifth round of the FA Cup.

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