You are correct, but look at the Accounts of Portsmouth Football Club Ltd, who have a negative net worth of £30M and who are owned by Milan Developments Ltd who also have a negative net worth of £30M and who in turn is owned by an offshore Company. Young Gaydamak is a director ,with others, of both these companies but to keep injecting money of this magnitude by way of Directors/Company Loans, simply cannot be sustained at such a little outfit.