The net purchase price was very low as they bought debt at a discount, wrote it off…

and have now flogged 40% for hard cash which means that on a net basis the pension fund own 60% at zero cost and have received a decent return that they have pocketed and will pick up a dividend from PL cash.

So whilst they have investment they will remain a club that have to pay their owners.

If you analyse it carefully they have done nothing spectacular - they built a squad of Championship players in League One which gave them the momentum for this season where they boosted the squad with PL squad players on loan. That gamble would have fair play implications if they hadn’t been promoted in the last two seasons.

Posted By: Ruttles, May 7, 21:45:01