It has been approved by the Conference (according to this article) which is bizarre given the Association and Dual Interests Rulehttp://www.bbc.co.uk/sport/0/football/19285338
The relevant bits:-
86 Interests in More Than One Football Club
86.2.5 has lent or gifted money to or guaranteed the debts or obligations of that football club, otherwise than in the ordinary course of banking.
86.3.2 anyone else of a close relationship with that person who, in the opinion of the Executive is or is likely to be acting with or who is financially dependent upon, that person; or
86.3.3 any company:
(a) of which that person (or any individual who is an associate of that person) is a director; or
So the chairman of one club has guaranteed the debts of another club through a company that he is director of. How could that possibly be in line with those rules?
I can't see the other clubs being best pleased with this - how can this possibly be keeping the integrity of competition in the league?