This is a complete guess but, I am of the assumption that there will be a classification and option to purchase shares at certain trigger points, or after a certain period of time.
I would suspect that KLD will have the option over SD and JS over CM shares. This triggered at either say a) promotion to the Championship at a certain price, and or b) promotion to the Premier League, or c) after fixed periods of time.
i suspect that the voting rules contained within the Shareholders Agreement, will also ensure that there is some restriction that prevents either of KLD or JS alIgning with minority shareholders to outvote the other major shareholder.
Via the above structure, KLD and JS would have control on all decision making with SD only receiving further enhanced payments when the club actually succeeds. CM would effectively be holding his 5% based on a latter return whereas SD gets a partial return now and reduces his financial liabilities.