I seriously hope not. Loan or, at worst, decent buy-back clause. I might be wrong, but I don't think buy-backs are built into cash+player deals for another player. There are indications that McAtee is seriously the real deal.
In any case, I don't really see the problem in terms of cash flow. We've just made, or about to make, north of £100 million (including the Lavia deal). Yes, Phillips accounts for a reported £45 million of that. That still leaves some leeway, doesn't it? Unless Bloom wants silly money.