The newco purchased the assets of the oldco including the club itself, goodwill, brands, tangible assets including buildings, fixtures, etc and tupe'd over the contracts. A typical asset purchase. Now I would certainly define potential future compensation for youth development costs in the event of move under freedom of contract to constitute contingent deferred income which by definition an asset. Intangible until crystallisation and not valued in balance sheet but an asset none the less. I cannot see any law lord concluding anything other then that the deferred income asset was transferred from oldco to newco along with the other assets unless specifically excluded in the sale documentation.