I'm not having it both ways. The bank can only loan as much as it thinks it will get back whereas a buyer will pay what they think to be good value, these two figures have no need to be the same. My main point was really do you honestly think any bank would loan your club money? As a wise man once said, the banks will only loan you money once you prove that you don't actually need it. I do agree with you that the terms are likely to be even more onerous with a leaseback, however this is just another reason why it's more attractive to money men.