Could the reason be that the Ionians club stucture is not suitable? When a club is run as a sporting club with membership and an elected committee, it is difficult to change its status without losing the members control. At the moment does it have desire to have proffessional players and a limited company status.
The focus is on the land but in reality why would any member want to give up the freehold, whats in it for them, nothing.
Land is cheap in Hull, there are plenty of alternatives available.
Now who wants to bet that Costello will be sold soon!!!