Fulham owner Al Fayed clears club debts

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 five million pounds the previous year.

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