Manchester City has moved "beyond a period of heavy investment" needed to make them competitive, according to chairman Khaldoon Al Mubarak.

The Premier League champions are a step closer to breaking even, posting losses of £22.9 million for the year to 31 May 2014.

"The club is where we hoped it would be when we began this transformation six years ago," Al Mubarak said.

He added: "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."

Owner Sheikh Mansour has invested around £1 billion in the club since taking over in September 2008, but the latest accounts are a sign that City are moving towards a model of self-sustainability.

The club lost £197.5 million in 2010-11, but those losses have fallen significantly since, to £97.9 million in 2011-12 and £51.6 million in 2012-13.