I am not trying to put anything in your mouth, I am just saying my opinion about your logic. Which in fact you presented to show that the board actually lied and said they loaned players they actually intended to buy. Most of them bad deals.
The only reason behind that assumption is because the board is doing wrong. Doing something wrong does not mean that the deals are as bad as you describe them and this does not make it a well founded speculation.
We got to know that after it happened, no one speculated or came up with what was going on. That second option popped up only to emphasize the ineptness of the current directors and to further show how bad they are.
So each of the loans are special in their way?
I don't buy any of this to be honest. They would not do deals and announce them otherwise, the deals are loans with option to buy and that only means loans with options to buy.