EFL rules, much vaunted, to encourage clubs to spend without their means on player's wages are deeply flawed, because owners are allowed to pour extra money to pay them, as long as they invest it as shares rather than loans. That is apparently what Stewart Day did, signing players that Bury couldn't afford by lending the money from his property companies and converting those millions through shares. But when his companies fell into multimillion-pounds insolvencies, he had no more money for Bury and the club's wage bill was immediately in ruins. In 2014, Day took out a loan with 138% annual interest secured on Gigg Lane, but it never was and he was able to continue. |  |
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