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Mohamed Al Fayed, millionaire owner of EPL side Fulham, has converted £187 million worth of loans to the club into equity. This means that club is free from all the debts, and won’t be face any more trouble from UEFA’s new Financial Fair Play rules.
Al Fayed bought Fulham in 1997, and has seen the team strengthen their place in the Premier League. He was the former owner of the popular Harrods department store in London.
‘Following the previous season’s announcement of record profits, the most significant development is the Club ending the financial year with no debt, having repaid any external indebtedness and Chairman Mohamed Al Fayed converting his previous loans to the Club into equity,’ the club said.
Fulham’s profit fell from £5 million to £1.2 million in 2011-12.
Sources: Daily Mail
