Taking your example of 34% it could well be that the deal for that share holding involves the £100m in cash and an agreement around the new investor also taking responsibility for a portion of the debt currently on the books (maybe up to 34%). I would find it unlikely that any new investor will get 1/3 of the club for just £100m. I think it would be a lower % or would involve taking on debt. It comes down to the levels of risk the banks are willing to take. RBS obviously fear the two muppets can't sustain the business and want them out or want out of the loans.