Yeah, what does it mean? Are we quids in now? Or just oweing money to different people?

It basically means the club has raised £6m privately (I'm assuming existing shareholders), and has no bank debt.

£3m of this is convertible loan stock (usually pays a low interest rate [sometimes even no interest at all] with the holder having an option to convert the loan stock into shares to get an equity "upside"icon_wink.gif and £3m is a straight loan, albeit from a private individual.
The cash is to be used to pay the last instalment on the stadium lease and fit it out, plus a bit more for day to day working capital.

Basically, it's incredibly good news and means that we have not had to borrow money externally to fund the stadium, it has all come from "friendly" sources, most probably McManus and his cashed up chums.

McManus is a St Helens RLFC legend.

Sounds like this Coleman dude is the one to be sat near at the new ground. I'll bet he will shout the whole row a round when it's his turn.

His seat will have armrests for sure.

So if we sell James Roby to Wigan for £3million we will be debt free?

Our financing package sounds kinda like lending a tenner from your dad; he has a feeling he might not ever get it all back.

So that's six million Saints owe "somebody" plus the inherent losses over the last few years or are they now included in that six million?

Totally. I wish we didn't own the ground, rented off a football team and were managed by a gorilla.

Classic

The Wigan lot won't like this one bit! "cashed up Mega club St.Helens" has a certain ring to it!

Is anyone prepared to answer the question I asked? If the six million wipes out all existing debt (or should I say consolidates it) then it appears to be a very good deal, otherwise it's just borrowing more money (albeit on very good terms)

Does anyone [iknow[/i the answer to your question? Probably Mr McManus and the people involved - I couldn't see the answer in the same statement that you read

Why would losses from the last few years not be included in the current position? That makes no sense at all.

It's a £3m loan we owe "somebody" (i.e. McManus and his rich Saints supporting pals), plus another £3m that can be converted into shares.

We have a shiny new stadium all fitted out and no bank debt. The stadium has been financed by the Board and their private contacts.

The statement explicitly states we have no bank debt, and that more directors loans have been converted to shares. What is your question?

Damn right. And his cashed up chums aren't so far behind either! They certainly deserve cupholders with their padded seats in the new stadium.