Crikey. The book value of that loan was around £50-60m at the time of the takeover, the break fees on the loan must have been horrific.
That's why you do due diligence, boys!
Also, last time I checked a 'cash advance' is a loan.
I don't mind the board running the club as they see fit, but their obfuscation around financial issues drives me up the wall. What they are say here is "Mike doesn't want his loan back, apart from the bit he did. Which we've paid him".
Some of the initial debt was what we still owed clubs for transfers.