"Underwrite"

What does that mean? Doesn't it means that the moneys to acquire the players have been borrowed from the bank or whatever, and those loans have personal guarantees from the directors attaching, rather than "paid for out of the pockets of the club's board of directors"?

As we know, one of the big issues with Cullum was repayment of existing loans - it seemed at the time that the position might have been complicated by personal guarantees on the loans.

Posted By: Mr Creosote, Aug 7, 10:06:55