Sheffield United have taken a loan with Macquarie secured against £16m payments from Arsenal for Aaron Ramsdale.
It is not the first time the club have struck a deal with the Australian bank, having done the same with parachute payments following their relegation from the Premier League.
The loan was secured against two installments the Gunners owe United following the purchase of their goalkeeper in August.
Under the terms of their latest deal, documents filed with Companies House reveal the loan was secured against £8million due on July 31 and a further £8million due next year.
It is common for large transfer fees to be spread over time using installments and United are not the only club to take out a loan of this nature.
A number of clubs have followed suit with institutions such as Macquarie securing financial packages and this is seen as a faster way to access those funds.
United still owe money to other clubs for their own big signings made during their time in the top flight.
The loans are seen as the footballing version of a payday loan, with Macquarie, nicknamed ‘Vampire Kangaroo’ due to its focus on profits, taking a stake in return for the huge sum.
Football finance expert Kieran Maguire predicts that figure will be between six and eight per cent.
Maguire, in an interview with the Sheffield Star previously explained that the agreements follow the format of a payday loan.
“It’s a bit more sophisticated, but if you have cash flow problems today and you have guaranteed money in a month or a few months, then the banks will lend you on the basis that when you get that money. guaranteed, it went to the bank.”