I'm not saying its as simple as that but by the same token

Businesses or clubs with debts of that size tend to have a very close relationship with their bank managers and talk on a regular basis. I cannot for the life of me see a reason why the banks would want to be obstructive to the possibility of a billionnaire becoming involved in the Club at a senior level because at the end of the day the more successful the club is the more secure the debts are. As far as I recall these debts are not guaranteed by Delia and MWJ they were secured against future gate receipts, turnover and other assets. I presume that these types of change of control clauses are insterted to prevent businesses/clubs transferring assets or leaving debts with what are essentially shell companies with no ability to pay them.

My basic point though was that this would all be sorted out before any new shares were issued to Cullum and if it really was not possible then they presumably would not go ahead with it.

Posted By: Jim, Nov 13, 11:39:08