Manchester City have post reduced losses for the 2013-14 financial year as they look to comply with Financial Fair Play (FFP) regulations.
The club have been bankrolled by Sheikh Mansour since a takeover in 2008, with his millions paving the way for City to win two Premier League titles, the FA cup and the League Cup in recent times.
In May this year, City were found guilty of being in breach of the FFP rules by UEFA and were fined €60million - some of which will be repaid should they prove compliance - as well as seeing their squad for this season's Champions League reduced to 21 players.
In light of the sanctions, City agreed to "significantly limit spending in the transfer market for seasons 2014-15 and 2015-16" and, in their latest financial results on Wednesday, the club revealed they were moving closer to their break-even target.
The reigning Premier League champions posted losses of £23m in 2013-14 - less than half of the £51.6m seen in 2012-13.
That figure includes the money deducted by UEFA, while the club also announced revenues of £347m, as they broke the £300m mark for the first time.
"The club is where we hoped it would be when we began this transformation six years ago," chairman Khaldoon Al Mubarak said.
"Now we have moved beyond the period of heavy investment that was required to make the club competitive again, it is commercial growth of the kind we are seeing today that will underpin and support our operations in the future."