The real issue with this deal is on the financial side, not the formatic side. The financials just don't make sense. They don't add up. This smells like the type of wacky, backroom Wall Street deal that got this country into economic trouble in the first place. This is NOT a done deal.
Here's a link so you can check out the various articles in the St. Louis Post-Dispatch regarding the situation, including insights on the financial side of things (that's the side that the FCC should focus upon before they authorize the license transfer):
http://www.stltoday.com/blogzone/culture-club/Look for all the stories labeled KFUO, LCMS, or KFUO/LCMS together. You might be very surprised at the overall lack of funds on the side of JoyFM/Gateway, when you compare it to the final amount of the deal, which is around $24 million by the time it's all done a decade from now.
From my viewpoint, there's something's very fishy about this deal, and it all starts with Mr. Brashear and the secret negotiations. Kudos to Sarah Miller and The Post-Dispatch for staying on top of the story.