The scenario is possible, just no-one really knows how likely until all the facts are known.
If the golden share is ultimately determined as being in Ltd and if the player contracts are with holdings, there's still the question of is their registration with the league/FA with Ltd or Holdings? And are the two companies intrinsically linked?
If the g.share is with Ltd, and the contracts and registrations are with Holdings and they are not intrinsically linked then you would have the scenario suggested; however the registrations should never have been accepted and the club will have potentially fielded ineligible players, cue arguments about whether that is the leagues fault or the clubs and who led who to believe what in terms of the relationship between the companies. These are the wide spread implications for football in England that were talked about some time ago as it brings the integrity of the league last season into question and lots of other clubs will be up in arms about it as well. Could result in severe penalties but could also see legal challenges against these most likely resulting in some negotiated deal behind the scenes still resulting in some form of lesser penalty. Players would have to be transferred to where the g.share is (possibly only if takeover is completed) or contracts declared null and avoid and all players free for find clubs.
If the above was the case but the two companies are linked I haven't got a clue what could mean other than I guess Holdings could be subject to admin, players and club would not be split as in the suggested scenario, administrator would have the power to get rid of players with their contract value sitting as a preferential debt. Probably no further penalty unless coming out of admin without proper agreement in place. Would all become a much more standard admin situation.
Until everything is known who knows what will happen, it's a case of which end of the shit stick do you want. Either way it will be only one end of it rather than both ends and the pile it's sitting on which it could be argued is what you have at the moment.
To be honest regardless of what penalties, what league you end up in etc, if you end up with a club still playing in Coventry with all this mess cleared up and under management running you properly with some real interest in the club and it's fans then it will be a good result for you guys and although it may not seem like it will have been worth all the stress. Let's jut hope that is the end result. Depending on what happens regarding the integrity of the league you may have to put up with being about as popular as MK dons with other fans for a while though.
... but there would still only be one club as such i.e the one with the right to play in the football league, there would just be two companies, which we already know there is but the relationship between them and the assets within them is still unclear at the moment.
