Its not about whether the Club make money - its about the value of his stake in the club

Basically he has put in £20m to aquire £32m worth of assets (i.e the debt). Nobody will buy those assets for £32m now but if they get promoted and stay up then somebody might do.

In the meantime he rakes in £600K a year interest payments from the sc8m regardless of how well they do and could still preusmably call in the debt in some circumsatnces (which i doubt we will ever become aware of).

Posted By: Jim, Dec 19, 12:50:16