Under the contract, the golden share
that entitles the government to block decisions concerning the activity of the company has to become an ordinary one and to be sold for BGN 1 to the majority owner of the company.
The Black and Whites' administrator have been given control over the club's "golden share
" in the Scottish Premier League.
The Yorkshire club are in limbo after the League refused to hand over their "golden share
" - which allows teams to participate in the domestic season - to new company Leeds United 2007.
LEEDS' participation in League One this season remains in the balance with the club and the Football League still locked in talks over the transfer of their "golden share
The UK Government's policy to allow a free market is in sharp contrast to many European countries where a "golden share
" can be used to block a takeover.
Meanwhile, in another German-led bid battle, Spain juggled national interest and support for open markets as its prime minister said the country would not use its "golden share
" to block a move by E.ON - parent of Midlands-based Central Networks and Powergen - for Endesa.
The move comes just weeks after the FAW shocked Welsh Premier clubs by invoking a littleknown golden share
rule to insist Welshpool are relegated.
The ruling concerning the 'golden share
' system is said to remove the government's power to protect BAA from hostile takeover bids, thus ending the special protection BAA has enjoyed since its flotation in 1987.
Welsh RU chairman Vernon Pugh has ordered the clubs to sign up to the Union's controversial "golden share
" issue that gives the governing body a 51 percent controlling stake in the first division clubs in return for TV revenue and prize money.
"The mistake if there was one, was not that the players' contracts should have been registered in the name of CCFC Ltd, but that the Golden Share
should have been registered in Holdings.
In order to realize the sale, there should be consent from the Government as well considering it holds a golden share
in Postenska banka, which played a crucial role in the previous sale attempts.