I understand the concept, now that I've read that wiki page.

The examples in the Liquidity vs. Fungibility section seem pretty clear to me.

What I don't get is how it applies to the rebate situation at City. Is Mr C saying that by ring-fencing that money for the playing budget it is made non-fungible, because it can't them be exchanged for other cash the club may have? Is that what you're saying Mr C?

Posted By: Arizona Bay, May 28, 10:19:16