I was despairing that Div 1 was looking a certainty a few days ago but i really think things are moving in the right direction again.
In thinking about the situation i am positive a deal can be hammered out that can work. If you consider moving to a 3 League system its not beyond the realms of possibility to put Newco in the lowest League next year, for promotion from that League to be into the new second Tier. That would mean that if Newco were successful they could be in the top League within 2 years.
Combine that with proper play-offs, voting structures and financial distribution would most folk be happy?