Royal RotherRoyalBlue I suspect you are spot on!
Isn't it amazing how easy it is to protect your longer term interests, and avoid the nightmare scenario, if you negotiate and draw up the contracts carefully!
And of course it might just be that very clause and King's refusal to sign it that is holding up the deal - as it has done many times in the past when dealing with transfers to clubs at the risky end of the table.
Isn't it amazing how easy it is for a player who knows he is wanted by another club to call the shots on contract negotiations?
Only if you live in London and listen to the local radio you would be pretty clear that this is not what is holding up the move. Both Boothroyd and King himself have said that they are happy for the deal to go ahead and hope that it still does. However, Fulham are now making an issue about King's injury last season. In Boothroyd's view, this is a last ditch attempt by Fulham to try to edge the transfer fee back down a little.
Incidentally, relegation clauses can work in the favour of both parties. i.e. player has the right to move (subject to a mininum fee) if the club are relegated. I would imagine most, if not all players, confident in their own ability would be happy to agree to such a move.
In view of this, I still maintain it is quite possible and relatively easy for clubs to avoid the risk of being left with a financial millstone around their necks if they carefully draft and negotiate the contracts.