I'll try to explain what I think has happened. If the liquidators had sold Deano's shares to e.g. an Indian syndicate, the syndicate would have had to pay ££££ for them and the liquidator would have passed that money on to BM to pay off the debt - leaving KA with 57% and the Indian syndicate with 35% and with the club having taken back control of the assets that were previously at risk because of Deano's deal.
What appears to have happened is that is that KA has taken on the debt by saying that if he can't pay it back, he'll give BM the club's assets e.g. the ground. So effectively KA has more shares but the club is deeper in debt to the tune of £7 million and may have put even more assets at risk.
In essence, it looks like KA has pawned the club in order to get control, rather than let anyone else take an interest.
...unless someone has any evidence that he financed it personally.
Sluffy has a point about reducing the overall shareholding but it's irrelevant to the debt and the increased risk to the club which would be there regardless of what the share issue is.