What are the rules that prevent Tan converting debt to equity?

[the other bob wilson]

These are the rules: https://www.efl.com/-more/governance...y-regulations/

Section 5.3 explains how much equity can be put in each year I think but I’ve not read it all. Let us all know where it says he can pay off the debt in one go

Thanks for that, it's all there in black and white - seems pretty clear to me. I think. It would appear that where Vincent Tan got it wrong in 2015 (or was it 2016?) when he talked of converting nearly £70 million of debt into equity within a matter of months was that he was unaware that such large numbers were no longer allowed - can't remember anyone pointing this out to him at the time either (in public anyway).

Here's a story from 2010 about Man City's conversion of over £300 million of debt into equity with the line being that the club did it while they still could.

https://www.ft.com/content/f0b08520-...2-00144feab49a