True.
We also don't know the amount of debt that will need to be serviced. It is very likely that it would be beyond the club's ability to pay it alone anyway.
My biggest concern with the debt based approach is having funds for the essential stadium renewal. There seems to be no avenue for that, and if the club is going to be funding it directly, then we are looking at, at best, a renovation.
Plus another big factor which people are missing is the age of SJR, who is in line of succession, who knows the next person may have different views and want utd's earning to service debt. At that stage we would not be able to do anything to stop it happening.
Plus another factor is how much debt is obtained assuming if 50 percent is obtained, even that would be in north of 2 billion, and get let's say 2 percent interest rate we would be paying 40 million annually to service debt.
Even if they have very good cash flow position, they would have Statutory reserve requirements they can't let any entity utilizing their cash flows. So eventually we will have to cover it in the form of management fees or other expenses etc.