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Bristol City owner Steve Lansdown has written off £71m of debt owed by the club.

The debt was owed to the Robins' parent company but has now been converted into 71,352,347 shares to the nominal value of £1.

Companies House have posted a statement of capital following an allotment of shares from the Robins today.

The statement reports that the shares were allotted on September 27 this year and were "capitalisation of loan by Bristol City Football Club to its parent company".

Football finance expert Kieran Maguire labelled the move an example of "the best football ownership model, that of a benevolent dictator".

This means that the club's debt has been turned from money owed into shares issued.

While some Robins fans may worry what this means for the club's FFP status, in reality this will not be impacted.

That is due to the fact that FFP is based on losses, rather than debt, and, as revealed recently, City actually turned a profit in their most recent accounts.

A large part of this debt is thought to have been incurred when the club refurbished Ashton Gate, which, as the accounts revealed, now has a healthy turnover each month.

The stadium's accounts showed that, for the year ending May 31 2019, it had a total turnover of £15,793,462 - up over £3m from the previous year.

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