The OS just says "The investment represents permanent capital, with no ongoing interest cost to the Club, and which may be drawn in tranches until the end of the year" - nothing that it has to be physically spent this year. But maybe it's the same thing, and it's a condition i.e. it can only be drawn down if it is to be spent this year.
Not sure. It also says this.
Under the agreed structure the A Shares can be converted into ordinary shares. The number of ordinary shares granted to ENIC as a result of the capital increase will vary depending on when the A Ordinary Shares are converted, when the warrants are exercised and valuations at the time. If drawn in full, and based on assumptions regarding the above, ENIC’s ownership of the Club could see an increase from its current level of 85.6% to circa 87.5% on conversion. Any dilutive impact is dependent on the number of shares granted and will be shared by all shareholders proportionately and principally by ENIC, the majority shareholder.