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Fulham has been boosted by the announcement that chairman Mohamed Al Fayed has converted previous loans into equity, meaning the English Premier League club can now operate debt-free.

Fulham has been boosted by the announcement that chairman Mohamed Al Fayed has converted previous loans into equity, meaning the English Premier League club can now operate debt-free.

The news was revealed as the West London club released its financial statement for the 2011-12 season. Fulham reported an operating profit of £1.2 million for the year ending June 30, 2012, boosted by the club’s participation in the UEFA Europa League. The club posted revenue figures of £79.3 million, including £3.4 million in Europa League revenue.

Fulham set a record net profit of £4.8 million for the 2010-11 season, with the figures for 2011-12 coming in a campaign where the club finished ninth in the Premier League.

Fulham is planning to boost the capacity of its Craven Cottage home to 30,000 and Al Fayed has expressed his belief that the club has a solid foundation for the future. “Fulham continues to make great strides and, following planning permission for the redevelopment of the Riverside Stand, we will continue to prosper and grow,” he said. “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.”

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