lusty, I know you don't like Anderson or trust him but I think you're reading too much into the debt being secured against club assets. As I have mentioned before there is nothing unusual or untoward about that at all. It's common practice in all sorts of businesses and is no different to you using your house as collateral for your mortgage. You didn't own that house when you applied for the mortgage but the bank were happy to allow you to leverage it in return for the cash to buy it.
In simple terms your house is in no danger so long as you make the repayments on your mortgage as agreed and on time. In the same way the ground, hotel or whatever other assets BWFC has put up as security for the loans they currently have are also in no danger provided the club makes the repayments. Obviously when Ken comes to sell the club prospective new owners will inspect the books and in all likelihood the debt numbers will affect the price they eventually pay to own BWFC. I suspect the total debt figure will be deducted from the overall worth of the club and it's assets and the remaining number, be it 25 million pounds or 25 pence will be the price they pay Ken and he will then be absolved of responsibility for those debts. There is nothing illegal, unethical or immoral about such a deal.
Lest you forget, the Glazers used Manchester United's assets as collateral to buy the club and while many fans reacted in the same way you seem to be doing here because they didn't grasp the essentials of the deal itself. Just think of it as a mortgage mate because that's all it really is.
In simple terms your house is in no danger so long as you make the repayments on your mortgage as agreed and on time. In the same way the ground, hotel or whatever other assets BWFC has put up as security for the loans they currently have are also in no danger provided the club makes the repayments. Obviously when Ken comes to sell the club prospective new owners will inspect the books and in all likelihood the debt numbers will affect the price they eventually pay to own BWFC. I suspect the total debt figure will be deducted from the overall worth of the club and it's assets and the remaining number, be it 25 million pounds or 25 pence will be the price they pay Ken and he will then be absolved of responsibility for those debts. There is nothing illegal, unethical or immoral about such a deal.
Lest you forget, the Glazers used Manchester United's assets as collateral to buy the club and while many fans reacted in the same way you seem to be doing here because they didn't grasp the essentials of the deal itself. Just think of it as a mortgage mate because that's all it really is.