No football club is successful without hard work.
- Oct 19, 2015
The money for the stadium expansion came from the intercompy loan.I thought those letters of credit went heavily to the stadium project?
From page 26 of the accounts:
"The £109.9 million due to group undertaking at 31 May 2017 represented at £109.9 million intercompany creditor with the Club's UK holding Company, UKSV Holdings Company Limited. This intercompany loan has been provided to fund the stadium expansion work."
The bank loan, the revolving credit facility of £150 million is used for "general corporate purposes including working capital and letters of credit". In other words to fund any shortfall in financing player purchases.