Where am I going wrong here?
If, and it's a big if, the club is worth £4m today, and the WS owns 71%, their shareholding is worth £2.84m
Over the next 6 years the WS has to "invest" £1.35m and in 6 years time will have a 46% shareholding. So, Current Shareholding + £1.35m = 46% in 6 years time. 46% of £4m is £1.84m.
The Barmacks will put in £1.95m and have 49%.
This means that the Current Shareholding is actually worth £1.84m-£1.35m = £0.49m
If the Current Shareholding is worth £0.49m, and that's 71% of the total shares, then this values the club at £690k.
The question here is, is the club worth £4m today or £4m after equity injections of £1.95m + £1.35m?
I have to be missing something.