Like the Tax Court, the Ninth Circuit noted that the dire financial condition of the company at the time the advances were made meant it was exceedingly unlikely that repayment could be expected from company earnings, which weighed against a characterization of the advances as debt.

FORBES: One Man's Tale Of Superstorm Woe And Debt Versus Equity Considerations

"We need to make sure the Mountain circuit meets international racing regulations, and I start looking at the condition of the roads in January, " continued Mr Counsell.

BBC: Isle of Man TT circuit repairs 'on track for June'