The longer it takes, the more dubious it feels to me. "Imminent" is a meaningless word in this context, and I can't see why there needs to be a veil of secrecy on the process - the club, the EFL, or King himself could explain the delays without giving away any commercial secrets.
For example if the issue is proof of funding, how much more honest would it be just to say that, along with "and it's been provided to the EFL, who are expected to respond within x weeks". That would provide some confidence in the process.
If the EFL can't provide deadlines on when they'll be able to review stuff, then the club could surely say that too. There's absolutely no need for this level of opacity, it just breeds distrust and rumour.