Hicks wouldn't be buying the club. He'd be buying the other half of the holding company. The holding company has two partners, who each have half a vote. There is no majority. And Parry and Moores have no say in it.
He can put the borrowing against the holding company, which owns the club, and if he wants to move the borrowing directly onto the club he can do that later, when he's overruled the board as the 100% shareholder. And the board don't have much say in anything anyway.
The only obstacle then is GG. If Hicks has legally got the option to block DIC, then all GG has left is to sell to Hicks or hang on in there as 50% owner.
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The point I made still stands - if there are two partners on the holding company (Gillett and Hicks) the loan couldn't be loaded onto the holding company unless BOTH partners agreed to it. The Banks are very unlikely to loan the odd £300 Mill to a pair of partners at Loggerheads. It would have to be taken out by Hicks against his own name.
Let him put himself further in debt and further at risk.