The League can't block the sale. They simply aren't allowed to legally.
All they can do is refuse to allow a club to play in their competition.
Granted having the F&PP Test before takeover will stop a lot of unscrupulous owners as most won't want a club that's been kicked out of the league.
But there's nothing to stop any chances buying a club to asset strip, and just shrugging their shoulders when the club gets kicked out.
Some legal protections would stop that.
Not to mention relying on the F&PP Test assumes that said test is itself fit for purpose, which it may not be.
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