Don't ever accuse me of being as clueless as yourself.
You are the master of the contradiction and panicked deflection.
You have on numerous posts cited that wasps will in fact fail. The reason you effectively say is the cost of financing the bond. The cost of financing the bond is tied into the need to finance the stadium.
To term white elephant - which you clearly have no clue as to its origin - refers to gifts bestowed in ancient Thailand. The white elephant was a wonderful creature seen as a valuable gift. In truth it was expensive and devoured everything and left its owner impoverished.
So absurdly your whole philosophy regarding wasps and their ultimate failure supports the notion that acl (or more pertinately I suppose the associated debt) is indeed a white elephant.
The renegotiation shows this to be true. The white elephant having devoured the income of the receipiant had to be given away to prevent complete ruin.
As I have said once today already the subtle nuances of this debate is well over both you and your hapless sidekicks head.