Manchester City's debts have been written off by club owner Sheikh Mansour.
The Sun says Sheikh Mansour has written off the club's £305MILLION debts.
City last night unveiled their first accounts since the Abu Dhabi billionaire paid £210m for the club in August 2008. They show the Sheikh and his family - worth an estimated £560BILLION - have turned the club's massive debt into equity.
City have splashed an incredible £200m on players since the takeover, with the accounts revealing the club ran at an operating loss of almost £100m in the last financial year to May 2009. That was before former boss Mark Hughes spent a further £100m 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 £87m, compared to £82.3m 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."
