For a very well researched and informative review of the Scarlets story, take a look at Caebrwyn's take (here). The WAO's concerns about the council's exposure to a potential failure of the Scarlets venture should make all councillors sit up and take notice, and as Jacqui notes, the discussion which took place on this warning at the recent Audit Committee meeting has been entirely omitted from the minutes.
What you will also see from Jacqui's post is the very selective nature of the council's approach to what information it is prepared to put into the public domain when it comes to the Parc y Scarlets deal. The decision to publish the proposed refinancing deal described below is beginning to look suspiciously like a PR tactic.
Compare and contrast this headline from the BBC: