Rochdale and Carlisle United
According to Rochdale supporters the club makes trading losses of £1 million per year. Yet the club has no debt. So it must get 'exceptionals' such as prize money and significant transfer fee income regularly.
Carlisle United regularly makes trading losses in excess of £0.5 million and has overall debt in excess of £3.1 million, including £2.5 million to Philip Day's Purepay. Occasionally it gets 'exceptionals'.
It is therefor puzzling how Rochdale have no debt and Carlisle United have such debt with Charge on all assets that the club is effectively owned by Philip Day's Purepay.