Here’s the rough breakdown of the figures… no black holes…no conspuracies… the first thing that needs to realised is that LFC were just about breaking even the last few years under Moores so forget the CL prizemoney… that just went into the general pot as it were.

Next we take the £298m borrowed… £174m was paid for the shares… just under £50m was paid toward old debt incl personal loans made by Moores… £21m (minimum and taking this writers figures for transfers) was paid for net transfers last summer incl Torres… £12m was paid on initial loan negotiation fees, legal, consultancy and other expenses incurred when the club changed hands and c£22m has been earmarked to service this loan in the first year… this leaves a residual of (say) £20m which Benitez will now doubt spend this transfer window mainly on Mascherano.

Next we take the new £350m loan… the old £298m loan is obviously extinguished and £60m has been earmarked for initial stadium expenditure… this in actual fact leaves a cash deficit which will be made up by the end of the season no doubt by the extra £20m that LFC can expect to recieve from the new PL tv deal… and next year LFC will need to worry about £26m pa interest (@ say 7.5%) on the £350m new loan plus negotiation and facility fees etc…

As has been pointed out another £300m minimum will be needed to finish the stadiumtaking total interest to c£50m pa by 2010…