BEIJING, April 20 (Xinhuanet) -- Michael Jackson has returned to the studio and plans to release a new album next year for a record label owned by the son of Bahrain's king.

    Shortly after being acquitted of child molestation charges in California last June, the 47-year-old singer moved to Bahrain with his three children.

    However, he has been plagued by financial problems and lawsuits. Last month, he closed the house on his 2,600-acre Neverland Ranch estate in California, laying off most of the staff after agreeing to pay hundreds of thousands of dollars in back wages to avoid a lawsuit by state labor officials.

    Michael Jackson, music industry mogul for decades and known to be one of the most successful artists in history, is planning to revive his pop singing career. "I am incredibly excited about my new venture and I am enjoying being back in the studio making music," he said in a statement released in London on behalf of the Bahrain-based record label lately.

    His last studio album, "Invincible," released in 2001, was a big success with several compilations.  Enditem (Agencies)