In terms of looking at the balance sheet, we have a "debt" to Mike Ashley.
However, in substance, this is simply part of the purchase price, but is recognised as a loan as it is more tax efficient than converting to equity.
Think of it this way - MA pays Shepherd and Hall £100m for their stake in the club.
MA knows full well that once the change in ownership takes place, the loan covenants on the loan from Barclays dictate that a change in ownership immediately makes the loan repayable.
MA then has two options - either renegotiate a loan at 10% interest rates again, or stump up his own cash. He opted for the latter and it is better for the club in every way.
Ultimately, whilst he owns the club, there is no point at all in charging any interest on the balances. When it comes to selling up, he can dictate whatever terms he wishes, but only with agreement of the buying party. If they buyer doesn't like the terms, they will pull out of any purchase.
The results are VERY positive in every single aspect. We no longer have any reliance on banks, we no longer give out or accept credit on transfer dealings (which makes the accounts much more transparent).
The player trading profit is not as simple as it seems, as it can often include player contract write offs. I imagine the likes of Xisco and Alan Smith will have had their contracts written off early as the club clearly has no intention of playing them.
Comments such as, "We are still technically insolvent" from Happy Face are so completely misinformed, it's embarrassing. If you don't know what you're talking about, it's better not to say anything at all...