Kop football is a Holdco - they have sub-divided their systems in to Kop Football, Kop Holdings, Kop Delaware, Kop Cayman - all to avoid tax and subdivided loans and equity throughout in the same way. The articles of covenant with RBS and BarCap state the club is the asset and that is what is for sale, not the Holdcos or their subdivisions. The board of the club in this agreement makes the decision to sell the club. Broughton is no fool - he got this sorted before putting his bum on the seat.