To reduce their dependence on bank debt, they have just given a mandate
to an investment bank to raise £500mln+ through a securitisation transaction,
which effectively means pledging future ticket sales, concession payments,
TV monies etc as both interest and security on the debt.
Arsenal did the same when they developed the Emirates Stadium, and the
public document has very strict rules about what they can & cannot do with
revenues, especially transfer fees received. I would expect the same in Moan
Utd’s case.
