Revealed: Fulham loan update after £13m paperwork filed
Fulham have been able to write off £13million worth of loans by converting it into shares, Football Insider can reveal.
The London club filed a new Companies House submission on Wednesday (23 August) showing that 13 million new shares had been allotted at £1 each.
The filed documents also state that the new shares are set off against related debt at the club.
Fulham’s 2021/22 accounts showed that the club’s gross debt sat at only £1million, with owner Shahid Khan converting the majority of his loans into equity.
A similar Companies House submission was filed in April this year, with Fulham again writing off debt with 16million shares allotted at £1 each.
Much of the club’s debt will likely come from the ongoing development of their Riverside Stand at Craven Cottage.
Fulham were dealt a blow this week after learning that the contractors responsible for the construction of the stand - The Buckingham Group - filed for administration.
As a result, all construction has halted and Fulham now face further delays before being able to open the stand to fans with tickets now not expected to be on sale until the start of the 2024/25 season.
Football Insider revealed on Friday (18 August) that Fulham will have spent over £120million on the stand’s development by the time it is completed.
By writing off club loans, owner Khan will assist the club’s day-to-day finances by potentially eliminating any interest costs incurred.