You are correct that he has been adding interest on his loans, (although not all his monney in the club is loaned and the shares don't attract any return).
Where your 'bleeding dry' is incorrect, is that the interest has just rolled up on top of the loans. We lose money so have negative cash flow and can't afford to pay him any of the interest.
He has protected his investment by adding the interest, to give him a bit of an upside if we ever got to the Premier. He could thenoffload for mega bucks, but he has hardly 'bled us dry'.