The associate then received what he claims was an unsolicited loan application in June 2000 from Bank of Scotland Corporate Banking, offering £69,250 at 1½% above base rate, with no security, no arrangement fees and with interest payments deferred until the end of the three-year loan period. The application form made it clear the facility was offered “only for an investment in DAFC”. Two years later, the final part of the arrangement was effected. A letter to the associate from solicitors for Wood Investments, a company which included Masterton as a director, said: “We will arrange with Bank of Scotland to have the loan account relating to the DAFC shares cleared using funds from Stadia.” At no point, the associate says, did he have to put up his own cash. He bought 11,273 shares, which were held in a nominee account on his behalf by Wood Investments for two years.