Premier club money -what has happened to it ?

I remember reading on the Premier Club website that £12m had been raised by the Premier club for the football and rugby club - and also elsewhere that £9m of this was for the football club.

So what happened to this money ?

Is it true as the figures were almost certainly based on the joining fees AND the total of the 5-year contracts.

In actual fact the club may have received less than 1/2 of this. UNLESS it was securitised (borrowing against future contracted income).

Anyone know if this was the case.

Then what has happened to the money.. has it gone to pay of debt or been swallowed up by 'stadium costs', running costs, whatever...

This something that has bothered me as originally it was earmarked to pay off PMG's £9m debt - although the club were expecting to raise more than double the quoted figure. This payment would make a big difference to the clubs financial position as PMG hold most of the security in the club.

But it doesnt appear to have happened.

Good point. At the Muni Ridsdale disclosed PMG were owed £9.7m so £700,000 seems to have accumalated as interest (which equates to 7.7% P/A if the interest was accumalated over the past year base rate is 0.5%)

What we can also assume from this is the Premier seating is not paying off any of the PMG debt (because its rising) and must have been diverted elsewhere (tax bill exempt)