I don't have a problem with the loan but it could have been done better as the club will face a fringe benefits tax liability on the provision of this loan. It may have been advanced at a market rate of 6.2%, however the ATO considers the benchmark interest rate for the 2011 FBT year to be 6.65%. Therefore a fringe benefit of .45% will arise. It's not a huge amount but it all counts when you are a struggling club.
This loan isn't the cash cow for the club that some people are suggesting. The club had to go out and borrow the funds to on lend and then pay FBT on top. The margin, if any, would be very small.
Anyway, what's done is done. It was clear and transparent and that should be all is required.