Erm

Surely PC/the Club would have sought to agree that with the banks before issuing the shares.

I would have thought the conversation would have been along the lines of "You know that ?16m we owe you which is secured against the assets and future receipts of a struggling championship club that might get relegated this season? Well we've got a bloke who wants to give us ?20m quid which would give us a great chance of getting back to the premiership and making the debt owed to you much more secure. You already do a lot of business with him and he's worth ?1.7 billion quid. Only thing stopping it happening is this little clause in our existing loan agreements. Any chance we could agree that you won't call in the loans?"

If they say not then so be it - at least we would have tried!

Posted By: Jim, Nov 13, 11:14:27