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Soccer-Fulham owner Al Fayed clears club debts

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(Globalpost/GlobalPost)

LONDON, Jan 29 (Reuters) - Premier League Fulham are now clear of debt after owner Mohamed Al Fayed converted loans totalling more than 200 million pounds ($314.1 million) into shares in the club.

Al Fayed, the former owner of the Harrods department store, bought Fulham in 1997 and has seen them establish themselves in the Premier League.

"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 on their website.

Fulham made an operating profit of 1.2 million pounds in the 2011-12 season, down from more than 5 million pounds the previous year.

($1 = 0.6367 British pounds) (Writing by Keith Weir, editing by Ed Osmond)

http://www.globalpost.com/dispatch/news/thomson-reuters/130129/soccer-fulham-owner-al-fayed-clears-club-debts