I've answered it dozens of times.
It's because they believe they can own the club under their terms and they're happy to tie Donald up in knots ...
... not that he needs much help.
They're not the kind of people to go off in a sulk because the initial discussions didn't go as planned.
If that happened regularly no one, in business, would ever conclude a deal.
Staveley has been severely knocked back, and publicly insulted, yet is back again.
It just seems to me that this is a far better deal for them than buying us outright, which is why I have believed for a long time that this was their intention all along. I would guess that if anything, it was Donald trying to get them to take us on in November, but it didn't fit their timescale for the investment.
Not only is it the most plausible, but it's backed up by what has happened since. FPP didn't come back to the table and try to get a better deal than the one youre suggesting they were offered a few months prior when Donald said he would sell us as a matter of priority. They've been conspicuous by their absence since January, even before March they were nowhere to be seen.
I think the reality is that Donald probably got the best deal available to him from FPP and has taken a bit of a risk with it, one he probably thinks is worth it because it's better than selling a majority to someone else. This deal is great for FPP, ok for Donald and good for the club. They're arguably in a better position to capitalise on any success we have than they would be if they'd taken over outright.