And if it was to give him control, the ?16m loan becomes immediately repayable.

Now, sure, he might be able to negotiate on that after the event, but from the club's point of view, they're hardly in a position to say "Yes, sure, heres ?20m worth of equity, and subsequent control of the club, for your ?20m. Yeah, don't worry about the loan, I'm sure you can sort that out when you're here and settled."

No - if the club know that by accepting Cullum's ?20m "for players", then the bank loan can immediately be called in, they can't accept until they've got cast iron guarantees that that loan repayment can be made. Otherwise they've turned ?20m "for players" into ?4m "for players".

Surely?

Posted By: Arizona Bay, Nov 13, 10:54:40