How a ground can be collateral for two loans at once, and who noticed. Chapter three of the ownership files, the one the lawyers read twice.
The stadium
In 2023 the ground was pledged against a £28m loan from a fund registered in chapter one's circle. In 2025 it was pledged again, against a £19m loan from a bank that did not, as far as its own filings show, know about the first.
// The two loans
£28m
First charge, 2023
£19m
Second charge, 2025
£4.1m
Dividends paid between them
The dividends
Between the two loans the holding company paid £4.1m in dividends to a shareholder that, per chapter one, is partly owned by the club. The money went round the circle and came out, on paper, as profit.
