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Fulham receive £250m bailout from billionaire owner as they count cost of disastrous Premier League campaign

Fulham have obtained a bailout of almost £250 million from their billionaire owner as they count the cost of a disastrous Premier League campaign a year in the past.

Shahid Khan transformed £151m of loans into shares and supplied “further financial support” of £93m, business filings reveal.

The bailout comes after Fulham racked up a £94m loss throughout a 2020/21 season that resulted in relegation to the Championship beneath former supervisor Scott Parker. The west London membership spent £51m on transfers through the season.

The loss towers over the £23m cost of their earlier top-flight campaign in 2018/19.

Covid restrictions are thought to have weighed closely on the membership’s funds as most matches have been performed behind closed doorways.

Craven Cottage welcomed simply 4,000 followers over the 2 video games the place followers have been allowed in. This in contrast with almost 350,000 that handed by means of the turnstiles through the 2019/20 season.

A supply near the membership mentioned that some of the injection from the owner is being devoted to the constructing of Fulham’s new Riverside Stand and that the losses had been exacerbated by hovering constructing prices. The membership spent £60m on development tasks through the year to final June.

The losses come only a day after Everton lost greater than £100m for the third successive year, with the Merseyside membership counting on monetary assist from owner Farhad Moshiri to stability the books.

Earlier this year, Arsenal unveiled a £107m loss. Bosses mentioned that the membership’s funds had been “materially impacted by the coronavirus pandemic”.

Fulham dedicate nearly a web page to their standing as a “going concern” – accounting jargon that pertains to a company’s potential to proceed to commerce – of their annual report, which was revealed on Companies House immediately [Wednesday].

The membership warned that their monetary forecasts point out that they “will require significant additional funding” to finish the Riverside Stand.

“The directors are confident that any additional required funding will be available from its ultimate owner [Mr Khan],” the accounts learn.

Khan has amassed a fortune of almost $8 billion after shopping for car components provider Flex-N-Gate in 1980. The company now operates 69 crops and employs 26,000 folks.

He purchased American Football franchise Jacksonville Jaguars in 2012 earlier than shopping for Fulham from Mohamed Al Fayed a year later.

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