Whilst I tend to take a "watch carefully" opinion regarding merger there are a few things about this that are simply puzzling.
"Crowds at both clubs have fallen over the past few years, a period which has also corresponded with a decline in commercial revenue."
I suppose that if you strongly desire a merger then lack of activity and development could simply be tools for a self-fulfilling prophecy.
The other initial point of concern is who they have hired to oversee this "independent review". Mr. Rapley, though he has a very interesting, accomplished and creative background in coaching, does not have any background or certification that I can identify in business development or economics. Mr. Rapley's degree, I believe, is from the University of Arkansas in Exercise Science.
If this is supposed to be a serious examination of the issue then I'm not sure that a "coach's coach" provides the tools needed. Coaching is certainly not relevant to the myriad of issues related to a potential merger.
If anyone could identify any substantive degree/certification that Mr. Rapley holds that's applicable to the business side of the issue I would certainly feel more confident.