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So I’m convinced that Raya as a loan to buy for “FFP” was a lie and that we might just be saving for a big spend — because this is the 4d chess shit I expect from Edu and Co.
It’s a weird one. In reality the deal structure is costing us more in feature years. It only really freed up money from last summer.
I think it’s less FFP trouble and just more general accounting around FFP. The deal structure is largely due to the 3 year rolling FFP windows. This summer was 2 Europa seasons, next 2 CL seasons, and ideally in 3 years all CL revenue.
We have more income in future windows being able to count that CL money so makes sense to move a lot of Rayas fee into them.