As I understand it, and as others have said, our loan was to rebuild the two stands to increase our stadium to 52,000 so the added revenue from this goes back to paying that off and then future profit. Therefore, our investment was in bricks and mortar, and not players as in Leeds' conditional upon future success.
We've also budgeted to miss out on Europe and go out of the cups at the first hurdles, so that anything above this is a bonus. These past two years we've missed out on the Champions League our profits went down, but we still made a profit.
Ultimatly I also think Shepherd is a good businessman and he knows how to balance the books. I think he's too tight to get us in serious debt and hamper his investment which NUFC is to him.