I think that this depends heavily on the extent to which "he stays on". If for example he is left with, say, a 3% shareholding and some non-executive role like president then this is pretty harmless as long as the new owners control more than 50% of the total and are free to do whatever they like. he can sit in the directors box all he likes for all I care, what matters is who holds the power.
Now if there was a situation where, for example, someone just buys 29.9% of the club, leaving petchey's 21-22% intact and Doug and family with 9%, this is rather a different scenario and represents nothing much changing, as ellis and petchey could join forces to over-ride the new owners.
I dont think his demands are anything like you fear.
can he buy most of ellis's shares and say buy out all the fans then,i know feck all about this so im sorry if i come across thick :?