The key fact is that the Creditsafe searches people have done have shown that a Bank in HK has a Lien on all TV Revenues.
Different sides are then seeing what they want.
Fact is that the money goes to someone else BEFORE the club and somewhere there is debt loaded against the club.
The missing piece as I can see is what length of term the debt is over. Some assume it is eg 172mil from EPL and everything goes to pay back the loan & interest. Not sure anyone woud have signed up to that. IF it is over say 10 years is it a capital repayment (ie old fashioned mortgage) or a Bond?
I see it as a leveraged buy out similar to Glazers & Man Utd where the value of the club made up the bulk of the collateral for a loan.
Which is what most tyre kickers tried to do back in the day and what SISU tried.
Not saying I'm right, just saying I am not losing sleep over it BUT would like some clarity.
Equally. IF we get relegated and that TV money doesn't come in, THEN I think we may need to start buying rubber bed sheets