(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.
Manchester United is the most valuable brand in football according to a report by independent consultancy Brand Finance. The global appeal and on-field success of the 19-time English champions has helped establish a brand worth an estimated $853 million.
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France Football magazine has released a list of the highest-earning players in world soccer. Three-time World Player of the Year Lionel Messi of Barcelona tops the list, earning $52 million in wages and sponsorship deals.
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Barcelona's players are the best paid in the world according to a new report. The team kept its No. 1 place on the earnings table with each player taking home an average annual salary of $8.6 million (£5.2 million). That's a whopping $166,934 (£101,160) per week and a 10% rise on last year.
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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.
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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.
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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.
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This image of a bloodied and defiant Rio Ferdinand has been at the forefront of a perceived return of hooliganism in English football, following crowd trouble at the Manchester derby.
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Carlos Tevez was forced to apologize after holding up a banner saying "R.I.P. Fergie" during Manchester City's victory parade -- a reference to United manager Alex Ferguson.
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"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."
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Bayern Munich's players and fans were distraught after losing Saturday's European Champions League to Chelsea, but the German team's brand was second on the list, valued at $786 million.
Real Madrid recently pipped Barcelona to the Spanish title, but both clubs have suffered setbacks financially. Both brands decreased, by 7% and 8% respectively, as a result of the eurozone crisis and its impact on the Spanish economy.
Chelsea's brand value was significantly boosted by the European triumph. The west London club, backed by Russian billionaire Roman Abramovich, is ranked fifth on the list valued at $398 million.
Manchester City's dramatic Premier League title win has increased the value of the Abu Dhabi-owned English club's brand, putting it eighth on the list, worth an estimated $302 million.
The 2011 Major League Soccer champions Los Angeles Galaxy had the honor of meeting President Barack Obama earlier this month. Galaxy, 50th on the list, still struggle to attract commercial rights deals which compare to the club's European counterparts.
Cameroon's Samuel Eto'o profited from joining big-spending Russian outfit Anzhi Machachkala from Inter Milan in August 2011.
England star Wayne Rooney penned a lucrative five-year contract with Manchester United in October 2010, after initially declaring that he wanted to leave the Old Trafford club.
Argentina striker Serguio Aguero is one of two Manchester City players in the top 10 after joining the Abu Dhabi-owned English Premier League club from Atletico Madrid for a reported $62 million in July 2011.
Aguero is joined on the list by City teammate Yaya Toure, the Ivory Coast midfielder who signed for the club from Barcelona in 2010. Toure signed a sponsorship deal with German brand Puma in October 2011.
Spain striker Fernando Torres joined Chelsea from EPL rivals Liverpool in a British-record transfer reported to be worth $80 million in January 2011. Despite his lucrative move, Torres has struggled to find the net during his spell in west London.
Brazil playmaker Kaka was briefly the world's most expensive player when he signed for Real Madrid from AC Milan in 2009. The reported$100 million fee Real paid for his services was beaten later in the same transfer window, when the Spanish club signed Ronaldo.
Bayern Munich captain Philipp Lahm completes the top 10. The Germany skipper attracted controversy last year for releasing a book in which he criticized the training techniques of former Bayern coaches Jurgen Klinsmann and Felix Magath.
Spanish football teams continued to dominate the rankings, with Real Madrid keeping its No. 2 spot. It's players earned an average $7.7 million (£4.7 million) - a 6% rise on last year. Cristiano Ronaldo became the most expensive footballer in history in 2009 after moving from Manchester United to Real Madrid in a six-year deal worth $129 million (£80 million).
Manchester City moved up the rankings from 10th last year to 3rd in 2012, thanks to an average annual salary of $7.4 million for its players. It's a 26% increase on last year and demonstrates the wealth of the English club's owner Sheikh Monsour.
Russian billionaire Roman Abromovich's Chelsea team climbed the rankings from sixth to fourth, with players earning around $6.7 million a year -- the equivalent of $130,690 a week.
The first non-soccer entry in the rich list is the LA Lakers. The Americans are also the only bastketballers in the top 10, with players taking home $6.2 million annually -- about $120,732 per week.
Baseball's New York Yankees have continued to fall in the rankings -- dropping from No. 1 in 2010 to sixth this year. But the MLB team's players can still take comfort from an average yearly salary of $6.1 million -- around £118,968 a week.
Former Italian Prime Minister Silvio Berlusconi pumped even more money into his football club AC Milan last year. The Serie A champions rose from 14th in the list with players enjoying a yearly salary of $6.1 million, pocketing $117,399 per week.
Also rising in the rich list was Germany's Bayern Munich, up from 12th place last year. Players boasted a yearly salary of $5.9 million, taking home $113,609 a week.
The Philadelphia Phillies are one of just three U.S. teams in the top 10. The baseball franchise's players earned an average $5.8 million a year, or $111,884 per week.
Internazionale sneaked into the top 10 with an average yearly salary of $5.7 million for its players. It's a family affair for Italian oil tycoon Massimo Moratti, whose father Angelo also owned the club in the 1950s and '60s.
New Liverpool manager Brendan Rodgers brought in $40 million worth of talent in Fabio Borini and Joe Allen in August. The Anfield club has struggled on the pitch however, languishing in 12th place.
Tottenham manager Andre Villas-Boas was a busy man during the summer transfer window, bringing in the likes of Clint Dempsey and Mousa Dembele from Fulham as well as France goalkeeper Hugo Lloris and Belgium's Jan Vertonghen.
Eden Hazard was just one of the big arrivals at Chelsea after arriving from French club Lille in a deal worth over $50 million. The Blues also brought in Brazilian playmaker Oscar and German winger Marko Marin.
When it comes to business, Arsenal is held up as a beacon club by many. It spent wisely once again in pre-season, attracting Germany international Lukas Podolski, Spain's Santi Cazorla and France forward Olivier Giroud.
Robin van Persie was Manchester United's big summer signing after he arrived from Arsenal. United also brough in Shinji Kagawa from Borussia Dortmund and Alex Buttner from Vitesse Arnhem.
Manchester City goalkeeper Joe Hart confronts a pitch invader trying to harass Manchester United's Ferdinand, who had been hit in the face by a coin thrown from the crowd.
United's players celebrate Robin Van Persie's decisive late goal in a 3-2 victory -- which was met by missiles and smoke bombs hurled by City supporters.
A total of 13 fans were arrested and nine charged -- one with making alleged racist chants. Here a City supporter shouts across the police security cordon.
Ferdinand, left, wore a t-shirt supporting the anti-racism group Kick It Out in October, having earlier refused to do so in protest at a perceived leniency in punishment for John Terry, who was accused of racially abusing the United player's younger brother Anton. Kick It Out chairman Herman Ouseley has also criticized the English FA and the Premier League for failing to take strong action in recent high-profile racism cases.
The day before the Manchester derby, a man was arrested and charged for racially abusing Norwich's Cameroon international Sebastien Bassong in a Premier League match at Swansea. Norwich later revealed that police are investigating four separate racist attacks on Bassong.
Clarke Carlisle is the chairman of the English players' union. He has called for the FA to take its chance to address problems that have been ignored for years. "Previously there were behaviors that we have just passed off as 'Ah, that's football,' " he told CNN.
More than 100,000 fans gathered in front of Manchester Town Hall as the City team emerged with the EPL trophy.
Manchester City manager Roberto Mancini applauds his players as they celebrate in front of their fans.
Thousands of supporters crammed the route as the City team paraded the cup on an open top bus through the Manchester city center.
Sergio Aguero, the scorer of the late goal which clinched the EPL title for Manchester City, acknowledges the City fans during the parade.
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