Cardiff City have said that owner Vincent Tan has cleared some of the clubs debts relating to the building of its new stadium in 2009.
Debts racked up by player purchases under previous owners have also been resolved.
The amount owed to the billionaire by Cardiff could now rise above the £150m it was estimated to be in May 2014.
The club says the action fulfils Tan's commitment to "consolidate third party debt".
Tan is now the only creditor with any legal claim over the club's assets, apart from Cardiff City Council.
The Bluebirds were on the verge of administration when Tan took over in May 2010 and survived three winding-up orders in the 2009-10 season over unpaid taxes.
An outstanding debt of £24m to main creditors Langstone was settled in July 2013.
In January 2014, Cardiff City reported a loss of £30m for the season 2012-13 season, when they were promoted to the Premier League.
The club's overall debt rose to £118m, with just over half - £66m - owed to Tan.
But at the time, Cardiff chairman Mehmet Dalman said Tan had put as much as £150m into the club since 2010.
Dalman added the Bluebirds had been on course to become "debt free" and were in the "process of paying off" a lot of the debt, which had been "inherited" from previous owners.
In May 2014, Tan said he was considering turning a third of the £150m owed to him by the club into equity.
Cardiff City Supporters Trust called on Tan to leave the club debt free and convert all his loans into shares.
Trust board member and director of international accountancy firm Mazars, Keith Morgan, told BBC Sport Wales that Tan's clearing of the third-party debts had done little to achieve this.
"It's like moving the deckchairs on the Titanic," said Morgan.
"It's not reducing the liabilities on the business, just changes to who it's owed.
"The club still can't afford to pay back the money it owes.
"He [Tan] needs to fulfil his promise to convert all his loans into shares."