In a huge development it has been revealed that Fulham chairman Mohammed Al Fayed has converted his loans into equity after the club repaid all external debt following last years impressive profits in a hugely progressive and successful year for Fulham’s finances. Fulham were £212 million in debt to Al Fayed, but with that effectively written off in return for dividends it means Fulham are now entirely debt free. This is a huge commitment from the chairman, and perhaps one of the greatest steps forward we have taken as a club in his tenure. While he will always be a controversial figure, I do believe we should be grateful for what he has done, and this surely answers his critics who have called for more investment in the club.
Mohammed Al Fayed said:
Fulham continues to make great strides and, following planning permission for the re-development of the Riverside Stand, we will continue to prosper and grow. For almost the last 15 years, I have ensured the Club moves in the right direction and remains true to our proud history, strong heritage and past traditions.
There was more to celebrate as Fulham posted a £1.2m operating profit for the year ending 30 June 2012, along with a club record 98.4% stadium occupancy rate.