Takeover/investment - an idea/question

[Guest armchairfan]

Before I start I'm not a financial whizzkid or anything but been thinking (which is a novalty) but here goes.......

With all this talk of any potential investment/takeover going on and talk of that a minimum offer of 5 million being banded about, but my question is, what does the £5 million buy you? Because you still have the debt with the bank and the various loan note holders and of course the board that will want their piece of flesh for their shares etc.

My idea was why can't someone offer to buy the club for £1 for example then offer to pay all the loan note holders off and buy all the directors shares etc to get them to step down (that would be no more than £5m surely) then the only debt that the new owner would have would be with the bank, which hopefully could be renegotiated down to the £12m as previously mentioned.

It may be a non starter but if it can happen I'd rather pay £1 for the club, £5m to pay off all the smaller debts and gave a £12m debt than pay 5 million for the club, another 5 million to the directors/loan note holders then another 12 million debt. Essentially you save yourself £5 million.

I am ready to be corrected/shot down by everyone but as I said I'm not sure how it works, hence that's why I don't have 5 million myself to invest

be kind lads