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Dullard is an understatement: "Kieran Maguire, a lecturer in football finance at the University of Liverpool, said the fine could have been bigger." :yawn:

Not at all, simply that you've got it wrong and yet you're still arguing about it.

They couldn't, because the club wouldn't be able to pay it, and they also wouldn't want to. They're worth billions, they don't want to ask for it back, they want the club to be able to spend it. So in effect, that part hasn't affected them at all. Which was EL P's point. It's not about the...

So what are you going on about then? I said: "Converting the loan has not required them to take any further money out of their own personal accounts." and you replied with "They would need to transfer physically, the funds from a personal or a separate company bank account to make the loan a...

What? They've already loaned the money, and on the books it shows as a loan. My understanding was that they simply had to convert that loan on the books into shares. El Presidente?

Thanks. I disagree, and it seems that El Pres disagrees too. Converting the loan has not required them to take any further money out of their own personal accounts.

In the bedroom maybe.

Who were they paying that to, their owners? No decent sized company should be paying those kind of figures with global interest rates what they are.

Tinky is bigger, but that boy has never been in a fight, and never will be. He's a lover, not a fighter. Dipsy would fight to the death if he had to.

Yes, ludicrous. Well I'm not looking it up now, but you said QPR had too much legal might for the EFL (I think that's mostly been shown not to be the case, even though they settled to too little), and I think you were expecting a fine under £10m, although it's so long ago I could be wrong. And I...

I disagree. The club they own is now worth more money, because it has less debt. How much more is it worth? Pretty much the amount of debt they wrote off. If they want to build back up the club's debt to themselves, they can do that easily enough with dodgy loans to the club, and behaviour like...

So do I. Well no it doesn't. Not unless you're using a ludicrous figure for interest calculations. But the fine was never supposed to match the extra earning that promotion brought. They should have been made to pay the original fine, I don't see why the League have settled for so much less, but...

Dipsy.

How so? They've written of loans from themselves, but that just means the club (that they own) is now worth more. No it isn't. Owners are regularly putting money into a club and writing it off, but there's a limit how much you can do that for FFP purposes. If the EFL give a club a fine and the...

So without having a leg to stand on, how have they managed to pay less than half the fine?

So the fine is £17m, plus £3m for the lawyer. Not perfect, but better than EP predicted, and I'm delighted the EFL didn't completely fold.