To me, just meeting with a consortium you know is looking to represent players is a big potential conflict of interest for the club even if that consortium was completely on the up-and-up and just wanted legit, legal advice. I would expect to be notified if my assistant manager did that. So I have no problem with sacking Black just for the meeting alone, regardless of whether he took a bribe or hinted at something scandalous.
I am okay with the club waiting a bit, because there could possibly be some logical explanation for it. Maybe Black was duped and thought it was just a lunch meeting with associates or something and then just played along, meaning to report it later. I find that really doubtful, but who knows? It's not wrong to give him due process.
But I do think they have more than enough to at least suspend him with pay, pending the resolution. Or at least not have him on the pitch because I mean, there's no rule that the assistant manager has to be on the pitch or in the grounds anyway, right? I will be disappointed if they do not do this.