It comes down to MSP surely, and particularly so if there is any prospect of upping their initial investment beyond stadium funding.
Nobody with a shred of competency is going to allow Kenwright to remain as Chairman. It would send all the wrong signals immediately.
It wouldn't matter if he was Chairman in name only. That just lacks credibility, and let's not forget, the club has been unable to secure commercial funding for the stadium for over two years, despite it now being half-built. The markets say loud and clear that they have no confidence in Everton's leadership. That is resounding and unquestionable.
I think its possible though that they agree to create a position of Life President for him or something similar. I cannot envisage him remaining as Chairman but I don't underestimate his abilities to do what he has to retain a role of some degree, He desperately wants to be the one cutting the ribbon at BMD.