This is very interesting and is not what you would usually expect. Would the provider of an overdraft hold priority security over the provider of a large long-term secured loan? Not usually.
Seems to confirm my theory that I mooted before that the stadium finance is provided in a limited recourse capacity. In other words, Aviva probably only hold security over the SPV that owns the stadium, rather than having an all encompassing debenture that includes the PLC and all its assets.
I imagine Barclays hold security over all other assets of the PLC, apart from the stadium SPV and its assets.
Good news for the chances of avoiding a points deduction IMO and should also make negotiations with the credtiors "cleaner".