Its sitting as equity in the statements. This isn't some subjective opinion. Its fact.
Aye but Dave's basic point remains. The auditors may have agreed to that classification for disclosure purposes but the underlying legal form of the arrangement remains that of a loan. It's not a true conversation to equity (shares) as most would understand it and doesn't undermine in any way the point Neiler was making earlier in the thread which is that Moshiri can now formally undo this presentational slight of hand at any stage he fancies.
I view that as rather a moot point compared to the predicted losses being mentioned.
We are about to report the largest loss in this club's history by a country mile. Short of something exceptional cropping up, it will be followed by something similarly frightening the year after and quite probably the year after that too.
We've moved on from being a club that needed the input of a wealthy owner in order to progress and have now almost attained the unenviable status of being a club that needs an annual input from a wealthy owner in order to avoid going into administration.
It's understandable that people aren't entirely comfortable with this scenario given what we have seen play out at other clubs.