Capital contributions aren’t recognised in UK company law. Regardless of that, there’s different ways they can get money into the club. The credit facility is one way. Issuing shares is another and this is something they did in January when they put £40m in.
In terms of ownership structure, the club is wholly owned by PZ Newco Limited and in turn, this company is 80% owned by PIF (NCUK Limited) and 20% by PCP/Reuben’s under their joint venture, JV1 Limited. In January, you can see the issue of 40m shares at £1 per share in PZ Newco in order to inject the £40m. You can also see that JV1 issued 8m shares at £1 each which would be their £8m part of the 20% split so the 80/20 split remained (PIF would have put in £32m I assume).
However something that I don’t think has been picked up on (at least from what I’ve read) is the special resolution filed in January from JV1 which looks like the 8m shares were paid by RB Sports & Media. You can also see that RB became the major shareholder in JV1 taking more than the 50% split after this resolution. Therefore, PCP’s holding would be diluted to ~45% of JV1 which in turn means their shareholding of NUFC is diluted to ~8.96%.
I could be very wrong with this analysis as I’m no expert but Staveley did mention that diluting was very possible back in February I think during a summit.
