Sure, I get that. But unfortunately, we have increased the net player trading position in the current year due to the heavy expenditure in q1 2025. Our committed net spend from this year alone is around 200m.
I am not having a go at the quality of the transfer business, I am merely stating that out net player trading position (which doesn't include salaries) is brutal and that needs to change. We are on course for another P&l loss of 100m plus in the current year.
Your point about refinancing is well made. I wouldn't dare dismiss it. Indeed, I have mentioned that back at the time of the first refinancing post takeover (around 2006) the glazers went on a cost cutting binge to polish the books in advance of that refinancing in order to get better terms through having better EBITDA coverage. The terms in any refinancing is more about your capacity to repay the interest. Less capacity (less coverage) then the greater the interest. I am pretty sure though that this reason for the heavy cost cutting (refinancing the legacy LBO debt) isn't one that JR is going to mention publicly. As you are aware, the finance costs are one of the major reasons why we are making such big losses.