Arab owner writes off Manchester City's 305 million pounds debt

London, Jan 6 (ANI): Manchester City's Abu Dhabi based owner Sheikh Mansour has written off the club's 305 million pounds debt.

City last night unveiled their first accounts since Mansour paid 210 million pounds for the club in August 2008.

They show the Sheikh and his family are worth an estimated 560 billion pounds and have turned the club's massive debt into equity, The Sun reports.

City have splashed an incredible 200 million pounds on players since the takeover, with the accounts revealing that the club ran at an operating loss of almost 100 million pounds in the last financial year to May 2009.

That was before former boss Mark Hughes spent a further 100 million pounds on players.

The incredible figures show the extent to which Mansour is devoted to the Eastlands outfit.

City also revealed that turnover for the year ended May 31, 2009, increased by six per cent to 87 million pounds, compared to 82.3 million pounds in 2008.

The club's Chief Financial Officer Graham Wallace said: "The financial results reflect a period of rapid change at the club, the result of long-term planning and investment by the board and owners, to create a sustainable business in the future."

"The owners' decision to convert debt to equity is in line with their previously-stated financial strategy and is fantastic news for supporters of Manchester City, whose club is now on a secure financial foundation that gives a tremendous platform to build from in the future," he added. (ANI)