If I were to take a punt at what going on I would suggest that we have borrowed money to fund our transfer window because the £60m from the EPL isn't paid out in one lump sum - i.e. a cashflow loan. It has come from a BVI company because that is the most tax efficient vehicle for the company making the loan - I t appears that they do this with other clubs. I t has then been secured against next years income because that is the earliest income available after the point the loan becomes repayable, however it is our intention to repay by the end of the season.
All in my humble opinion of course.