Hargreaves Lansdown co-founder Stephen Lansdown has cleared £35m of debt from the balance sheet of Bristol City, the football club in which he holds a majority stake.
Billionaire Lansdown (pictured), who co-founded Hargreaves Lansdown with Peter Hargreaves in 1981 and remains a non-executive director at the platform, paid off the debt after being approached by the club. The restructure leaves the club with net debt of £23m, according to the BBC, which said Lansdown cleared the debt by switching part of his investment from loans to shares. Bristol City, chaired by Lansdown since 2002, today also reported a record loss of £14.4m for the year to May 2012. The club was relegated from the Championship to League One last season.
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