On Windows 7 Premium in FM 2011 11.3, when starting a new match I was having the error similar as below, and the application closing:
Re-installation of the game, update of video drivers didn't help.
The solution is to completely revert to Internal Graphics card, instead of using the high-end chipset- in my example GEforce GT 540M. (By right clicking to fm.exe file, you should be able to choose the graphics card)
I don't know if its related to 11.3 because I never tried other patches, but definitely there seems to be a problem with some new video cards.