I think some voted to avoid the loans being included now rather than from 2026(?).Everyone (including City) wanted them excluded because it’s administratively far easier to put loans in than to issue shares every time. Perhaps a tax saving too in some jurisdictions. Don’t know what you mean re the future or Portsmouth but I’m confident it won’t have an impact on any club going forward which is why they all happily voted it through asap
Didn’t Portsmouths troubles start when an owners loan was recalled?
By the future I meant that what happened in the past is no guide to what clubs and owners might do in the future, eg it may not be 100% owners who fund clubs, so my point about equity being potentially much more difficult than a loan stands.