The West of England Club was the first to recognise the need to strengthen finances to meet the Solvency II regulatory regime just over a decade ago, but paid a price for speedy action.
The club made cash calls to strengthen its capitalisation in 2006 but came in for a lot of flak and damaged its reputation at the time.
It was criticised as pre-emptive refinancing by brokers as other clubs decided against similar initiatives.
But
