Yeah, that's it in a nutshell really, Bernstein and King have clearly put everything in the last few weeks to putting a plan to save the club together, whether that included sounding out managers and the requirements these managers would want we don't know, they did have a plan though which involved "radical" change and was "fundamental" to the revival of the club.
Now it would seem that RL, or Hollis acting on instruction from RL knowing the budgets available or how RL saw the remit of the football board, disagreed with core elements of this plan and King and Bernstein told him to stick it then if he didn't want to listen their position was untenable,
I don't see how Riley would be a sticking point in all this, for me it's about resources, King ran the **** bank of england FFS I'm pretty sure the plans were well costed and I'm pretty sure Bernstein would know what kind of investment was necessary. They probably had an acceptable minimum in mind to acheive the goal of promotion in 1/2 years and the actual funds on the table from RL it seems were nowhere near.