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The bank must be satisfied that the shareholders are "good" for the money outside of any club assets otherwise they wouldn't accept the personal guarantees. When I personally guaranteed a company loan I had to show that I had assets separate from the company to cover the loan.

Right at the end of that article, almost as an aside, is the following, "The loan is personally guaranteed in full by the club’s shareholders" So it is not the club that is at risk if the loan cannot be serviced but the shareholders.