There is the £14.4M loan you are ignoring, as I recall that old deal was contingent on SISU renegotiating that loan down with YB, that was never done or even it seems acceptable to YB.
My view is that this deal is better deal financially, but still a poor one, though it is probably the only one that could be achieved in the circumstance.
Frankly, till this Wasps stuff broke I was bracing myself for a similar deal with SISU being concluded.. but that now never seems to have been on the table.
There is the £14.4M loan you are ignoring, as I recall that old deal was contingent on SISU renegotiating that loan down with YB, that was never done or even it seems acceptable to YB.
There was a loan from YB with £14M+ outstanding on it. The council took it off YB and replaced it with the £14.4M loan at a better interest rate. Same debt, just different lender.
There was a loan from YB with £14M+ outstanding on it. The council took it off YB and replaced it with the £14.4M loan at a better interest rate. Same debt, just different lender.
There was a loan from YB with £14M+ outstanding on it. The council took it off YB and replaced it with the £14.4M loan at a better interest rate. Same debt, just different lender.