not sure. Might be because the shares wouldn't pay a dividend so what's the point. Alternatively it might just be better to show a loan plus a loss making operation in his books rather than shares and a loss making operation.
The time to convert to shares is when the club turns the corner into profit making. Let's say the club went bust now (God forbid). The shareholders wouldn't get anything back until the bills and loans had been repaid - aha this might be the reason (forget my other crap!)
