I agree with that. I have to say the only reason I state a loan with hsbc is because of @Darren Peacock's Ponytail as I can’t see a loan either.
there will be something to replace it. Reality is chances are the loan hasn’t actually be repaid and possibly restructured into some form of other debt.
Or he could have written it off? Meaning the balance sheet is worth 120m. For tax reasons that’s better. That’s my bet.
That’s his holding company though. NUFC only makes up a tiny percentage of the asset value of the business. So the assumption that a HSBC loan to that business was automatically linked to the football club was false.