Every business needs maintenance capital and growth capital - we seem to be challenged by both of those assumptions.

I really don't know how the finances of sports franchises work, but I guess the value of the investment is covered by the financing cost of the investment, which attracts a coupon back to the investors at a favourable to market rate (investor loans), revaluation of the capital, based on industry valuations, which gives a yield in both cashflow and asset appreciation. It must be the same math as buying commercial real estate.

Problem is, if your asset base is driven by player contracts and their market value, we are not in a good position to raise more funds. I guess the club is at a breakeven on the P&L, but it might be in serious negative cash flow position? Clearly the club has moved to reduce wages as a % of revenue, but where is the capital coming from to raise funds for reinvestment in the squad?

Would be nice to have some insights on the fiscal performance - but we will never know I guess as the public reporting is non existent on that front. How much does Parish pay himself?