Contents (10 sections)England and WalesCayman IslandsUnited StatesWhy the distinction Is blurring in practiceSummaryWhat the investment memorandum tells us about COP IIIUnder IAS 32 (Accounting)Under Cayman Islands Law (Substance over form)Under US tax lawOverall opinionThe complex funding arrangements of Chelsea Football Club (and to be fair, they’re not alone in having complex funding arrangements), there’s an … Continue reading The Analysis Series: Chelsea, Clearlake, COP III – is the funding debt or equity? Unsurprisingly, there’s no clear answer