But he's right to say that in the absence of the exact data it's permissible to make a strong case that, given that the Santander transfer payments from City and United were brought forward (and he produces evidence of that), the Chinese Bank credit, which is a three year facility, has likely also been activated. The club were obviously looking to lean heavily on borrowing this summer.
And I think he's also right in the conclusions he drew re the future: more sqaud pruning; more reliance on credit, and therefore a necessity for the club to both grow commercially to avoid getting locked into these destructive cycles AND to get a capital injection from a rights issue maybe.