The increasing value of the club from when FSG bought is because...its value keeps increasing due to various things, many of which are caused by FSG managing well (such as the commercial end - and the NAMING RIGHTS).
If they take the stand-naming money for themselves (and what kind of business arrangement would do THAT?), that value is then gone from the club - meaning they get less (not more) on their selling price at some future point. It can't be both/and. In the same way, it is the profit margin from the sale that pays back the loan (at least most of it), not the owners skimming money from "other" club revenue to pay themselves back. There wouldn't be that much revenue to skim from if they did that anyway.
Increasing the value of the club can be done by improving various facets of it (including its competitive fortunes) - and these things are GOOD for the long-term health of the club, financially and otherwise. The fact that the owners at some point are rewarded for their legitimately good work in improving the club (legitimately good does not equal perfect so give them slack for getting better at this as they go along) is perfectly acceptable. In fact its necessary or otherwise, owners who can invest meaningfully in the club will not be found. There's nobody out there who is going to dump hundreds of millions in to the club over x amount of years, with no intention of getting something back.
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