{"id":18333,"date":"2026-09-02T16:44:39","date_gmt":"2026-09-02T15:44:39","guid":{"rendered":"http:\/\/localhost:8888\/ownership-3\/"},"modified":"2026-09-02T16:44:39","modified_gmt":"2026-09-02T15:44:39","slug":"ownership-3","status":"publish","type":"post","link":"https:\/\/preview.sportpulse.anpsthemes.com\/news\/ownership-3\/","title":{"rendered":"Debt, dividends and the stadium that was sold twice"},"content":{"rendered":"

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.<\/p>\n\n

The stadium<\/h2>\n\n

In 2023 the ground was pledged against a \u00a328m loan from a fund registered in chapter one's circle. In 2025 it was pledged again, against a \u00a319m loan from a bank that did not, as far as its own filings show, know about the first.<\/p>\n\n

\/\/ The two loans<\/p><\/div>

\u00a328m<\/p>

First charge, 2023<\/p><\/div>

\u00a319m<\/p>

Second charge, 2025<\/p><\/div>

\u00a34.1m<\/p>

Dividends paid between them<\/p><\/div><\/div><\/div>\n\n

The dividends<\/h2>\n\n

Between the two loans the holding company paid \u00a34.1m 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.<\/p>\n\n

\"\"
The ground, pledged twice.<\/figcaption><\/figure>","protected":false},"excerpt":{"rendered":"

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