That's not how any of that worked/works.
It kind of is though in effect. He's cut off the clubs income streams and diverted them for Sports Direct's and/or his own personal benefit. Hence the club wouldn't have needed these 'loans' if Sports Direct had been paying for advertising (plus other things) rather than depriving the club of millions every year.
Exactly... and I wouldn't be surprised if he's openly stating his preferred price for the club (350M), then when a bidder like Staveley or Kenyon comes along it's a case of "Oh great, now there's just the small matter of these outstanding loans that also need to be taken care of".
Not to mention the long term kit & advertising deals he has already signed the club up for with SD, which simply couldn't be broken just because a new owner has come in.