I would think they are testing the water a bit

they don't know anything about running a top level football club. This gives them a way to learn about it in the context of what is, objectively, a very well run club.

Buying a smaller stake initially costs them less, is therefore less risky, and gets them a seat on the board.

There could be more to the deal too, it could be Foulger's share plus subscribing for new shares - so could be more than 18%. Without that share subscription, NCFC don't get any cash at all.

We will see. As you say, there could well be an option for more equity in the future or something.

Posted By: SimonOTBC, May 31, 14:04:23