The stadium is an asset that will sit on the balance sheet in fixed assets right next to the players. It’s reorganising funds from one asset to another (e.g. you can put your cash, which is an asset in itself, into property, stock to sell, investments etc etc or leave as cash).
The problem with a football club is that he’s chosen to build a big shiny steel asset (using cash the company doesn’t have - doesn’t matter if he has the cash) in the hope that it creates more revenue which allows more P&S spending and generates cash that can be spent. But that has diverted cash away from the most important asset of all, the players. A football club nowadays is dead if the on pitch asset is crap.
I honestly wouldn’t call it asset stripping. It’s massive, gross mismanagement, showing massive naivety about sport and sport financing. He completely blew millions on the playing asset in a flurry of excitement and it failed hugely. As a side project run by a total amateur, he tried to build the stadium. The borrowings for which far outweigh the cost of any individual players salary. It was too late. The balance between funds tied up in the property and the funds available for players has left us with a dirty dirty squad, and no way out. Hemmed in by his own reluctance, but mainly P&S restrictions.
Viscious circle now, as if the players send us down, his stadium dream is knackered.
Apologies for using the word asset 637744 times.