There is a lot of legal stuff that has to happen in the background beyond the complex contracts for the deal itself.
Potentially this includes altering the Memorandum and Articles of Association of the club and stadium company to protect the warrant (convertible debt) holders giving them shareholder style rights even before the warrants are converted to equity.
We will also have to obtain existing lender approvals that will need to be documented and make potential modifications to any pre-existing charges on assets.
Then there are Premier League approvals for new directors, possibly pre-approval for MSP as a future shareholder and probably sign-off of any budget changes to incorporate new interest costs etc. (as they are signing off our budgets). The FA will also have hoops to go through, including being informed on any changes to stadium funding, ownership or timeline given the Euros bid.
Sponsor contracts may also require us to inform (not consult) on any potential change in ownership or Board. Laing O’Rourke also.
As a recently retired CFO this kind of stuff is much more complex, with many more moving parts than average fans expect. It takes as long as it takes.